Are you not able to pay your loan EMI on time for some reason and because of this reason the bank people or their recovery agents are harassing you by calling you repeatedly or coming to your house? Then now there is no need to worry.
Reserve Bank of India has now issued a ‘strict’ guideline on this, which is directly going to give ‘relief’ to loan holders. This ‘historic’ step will give you ‘peace of mind’ and protect you from ‘harassment’. Let’s know about these ‘new’ and ‘powerful’ rules of RBI, which ‘strengthen’ ‘your’ rights.
Now coercion will not work
RBI has made it clear that no bank or its recovery agent can now harass any customer mentally or physically, even if he has delayed repaying the loan. The bank has the right to recover the loan, but that too can only be done within the scope of a fixed rule. This is an indicator of compassion and justice.
Recovery agents can now talk only from 7 am to 7 pm
Now recovery agents can contact customers only from 7 am to 7 pm. This means that if any agent or bank employee calls you at night, comes to your house, or threatens you, you can take action against him. For this, you can not only complain to the bank but can also directly contact the police. This ensures the right to privacy and peace.
Right to legal aid too
If you are being threatened by repeated phone calls, you can complain about this to the nearest police station. You can also register a complaint by visiting the RBI website. Apart from this, if the recovery agent misbehaves, compensation can also be demanded from the bank. This opens up multiple avenues for complaint redressal.
What happens if an installment bounces
Often people get nervous as soon as one or two installments of their loan bounce! But RBI has also clarified that ‘immediate’ action will not be taken if the installment bounces! The bank gives the customer 90 days i.e. ‘three’ months.
If three consecutive EMIs are not paid, only then a ‘notice’ is sent. Even after this, the bank sends another notice on the fourth and fifth EMI, which warns of auctioning the property, but till then the bank has no right to harass the customer. This is proof of compassion and understanding.
Even recovery agents have a limit
According to RBI guidelines, the recovery agent sent by the bank also has to work within a limit. He cannot abuse the customer, cannot forcefully enter the house, nor can he threaten. If he does so, the customer can take legal action against him. This information has to be given to the bank also. This ensures the rule of law.