Have you also taken a loan from the bank? Repeatedly calling from the bank to repay the loan? Then today’s article is just for you. A lot of folks out there are in need of cash, and luckily, there are plenty of banks ready to help with loans tailored to your needs. You can find various banks in the market where you can apply for a loan.
However, sometimes people struggle to pay back their loans on time, which can lead to some serious issues. In these cases, banks might put pressure on borrowers who can’t keep up with their payments.
It’s crucial for borrowers to be aware of a few key points. Knowing these can help you avoid unnecessary stress from the bank. For instance, according to RBI regulations, banks can’t send recovery agents to harass you for late payments.
If you’re having trouble making your loan payments, you might consider restructuring your loan. For example, if you took out a loan for five years but find it hard to manage the EMI after a couple of years, you can extend the loan term, which will lower your monthly payments.
Additionally, if you’ve lost your job or faced significant business losses, you can negotiate a settlement with the bank. In this case, you might only need to pay back 10-15% of the loan amount, but you’ll need to provide a solid reason for your situation.
If the bank keeps bothering you with constant calls about repaying the loan or sends recovery agents after you, you have the right to file a complaint against them. You can reach out to the RBI’s banking ombudsman or even go to the police station to report it.