Couldn’t pay the loan and the bankers are harassing you? So know your rights as a consumer
If you have taken a home loan or any other loan and for some reason you are unable to repay the loan or are unable to pay some of the installments, then the bank or the lending institution threatens you through its recovery agent, then you have legal protection. . Know your rights.
Many people take loans from banks for buying a car (Car Loan), children’s education (Education Loan) and marriage, doing business (Business Loan) and buying a house (Home Loan). Banks present various offers to attract customers towards them. A loan is a huge financial responsibility. You have to pay EMI of the loan every month. If a customer does not pay the loan installment by the fixed date after taking the loan, then in such a situation, the bank starts calling the customers and sending messages. Recovery agents also intimidate and threaten customers if money is not paid.
In this type of situation, consumers are not aware of their rights. For this reason, recovery agents tend to harass customers. If this has been done to you too, here we are giving you information about the rights of consumers. Reserve Bank of India (RBI) has made some rules in this kind of matter. If the customer is unable to repay the loan and a bank intimidates or threatens the customer, the customer can file a police complaint and seek a penalty.
Time to visit and call the bank defaulter’s home
The bank has the right to recover its sunk money, but for that the bank has to follow the rules made by the RBI. Bank officer or recovery agent can call the defaulter from 7 am to 7 pm only. Also, the defaulter’s visiting time is from 7 am to 7 pm. If the bank representative comes outside this time, you can call and lodge a complaint.
recovery
If a customer does not deposit the installment money within the next 90 days, the bank sends a notice to that customer. After that another 60 days time is given to deposit the money. Then, if a person does not deposit the money, the bank can collect its money by auctioning that person’s property (house and car).
What should the customer do if the recovery agent acts arbitrarily?
If you have taken a loan from the bank and you are unable to repay the loan, the bank can approach you for recovery. A bank official or recovery agent has no right to misbehave if you are unable to pay. If a bank official harasses you mentally or physically, you can complain to the bank. Action will be taken against the person harassing you as per RBI rule. Also you can file a police complaint and collect the fine.