Many times there is a delay in filling the loan due to which bank agents harass the customer but now it will not happen because RBI has recently given these rules for loan recovery
People often take loan from bank when needed. Whenever the bank gives a loan, it also charges interest on it. However, many times such occasions come when people are unable to repay the loans of the banks. In such a situation, recovery agents are sent by the banks for loan recovery. At the same time, many times the recovery agents threaten the borrower to repay the loan and put pressure on him, which is not the right process. In such a situation, there are some rules related to the recovery agent, which is very important for the people to know.
The Reserve Bank of India (RBI) has made strict rules for loan recovery and it is necessary for the bank to follow it . On the other hand, if a loan recovery agent intimidates someone to recover the loan, then people also have some legal rights, which should be known. When a person is unable to repay the loan, the first notice is sent by the bank.
Recovery agent
In some cases, customers are contacted through loan recovery agents. In such a situation, many times loan recovery agents misbehave with the customers and threaten them. Regarding which, according to the rules, first of all, a complaint should be made to the police. According to the rules, the matter of not being able to repay the loan comes in civil cases, in such a situation no arbitrariness can be done with the defaulter.
Loan recovery
For loan recovery, the bank officer or recovery agent can call the defaulter taking the loan only between 7 am to 7 pm. On the other hand, if you have to go to the defaulter’s house in connection with the loan, then its time will also remain the same. If bank officials or recovery agents break this timing and call or reach home at any time other than this time, then the borrower can complain to the police or RBI.
EMI
Explain that the bank sends reminders for non-payment of two EMIs of the loan. Bank will send legal notice for non-payment of 3rd EMI. Along with this, the bank can also declare the person taking the loan as a defaulter for non-payment. At the same time, after the notice, the process of recovery is started from the person taking the loan through the recovery agent.
