Bank is troubling you in case of non-payment of bank loan! Know what are the rights of the customer


Loan Recovery Rules: Often people take the help of loans from banks for their big needs like buying a car, education loan for children and marriage, business loan and home loan. Nowadays, banks also keep offering different types of offers to attract customers towards them. It is worth noting 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 sending calls and messages to the customers. It has been seen many times that the recovery agents of banks are intimidated and threatened if they do not send money to the customers.

In such a situation, most of the customers are not aware of their rights and because of this 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 customers. RBI has made some rules on this matter. If a bank threatens customers in case of non-payment of loan money, then the customer can complain to the police and ask for penalty for himself. Let us give you information about the rights of customers.

Bank defaulter’s home visit and call time

Banks have the right to recover their bad 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. Along with this, the time of going to his house is also from 7 am to 7 pm. If a representative of the bank comes to your house other than its time, then you can call and lodge a complaint.

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

What to do on the arbitrariness of the recovery agent

If you have taken a loan from your bank and you are unable 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 harass you mentally or physically then you can complain to the bank. Action will be taken on it 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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