Loan Recovery Rules: If the bank is troubling you for not repaying the loan, then the customer should know his rights...


Loan Recovery Rules: Often people take loans from the bank for their big needs like buying a car (Car Loan), children's education (Education Loan) and marriage, expanding business (Business Loan), and buying a house (Home Loan). Are. Nowadays banks also keep offering various types of offers to attract customers.


It is noteworthy that loan is a big financial responsibility. You have to pay the loan EMI on time every month. If a customer does not return the loan installment by the fixed date after taking the loan, then in such a situation banks start calling and sending messages to the customers. It has been seen many times that recovery agents of banks have intimidated and threatened customers for not sending money.

In such a situation, most of the customers are not aware of their rights and hence they keep getting harassed by the recovery agents. If something like this is happening to you too, then we tell you about the rights of the customers. RBI has made some rules on this matter. If a bank threatens its customers in case of non-payment of a loan, then the customer can complain to the police and also demand a penalty for himself. Come, we are giving you information about the rights of customers.

Time to visit and call the bank defaulter's house-
Banks have the right to recover their lost money, but for this, they have to follow some rules made by RBI. The bank officer or recovery agent can call the defaulter only between 7 am to 7 pm. Besides this, the time of going to his house is also from 7 am to 7 pm. If any representative of the bank comes to your house outside these hours, then you can call and lodge a complaint.

If a customer does not deposit the installment money within the next 90 days, the bank issues him a notice. After this, you get 60 days time to deposit the money. Even after this, if a person does not deposit the money, the bank can recover its money by selling his mortgaged property i.e. house, or car.


What should the customer do if the recovery agent is arbitrary?
If you have taken a loan from your bank and you fail to repay it, then the bank can contact you for its recovery, but no bank officer or recovery agent has the right to misbehave with any customer. If someone harasses you mentally or physically, you can complain to the bank. Action will be taken against him as per the rules of the Reserve Bank. Apart from this, you can also get a fine by filing a complaint with the police.

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