Loan Recovery Rules: People often take loans from the bank for their major needs like a car, education, marriage, business expansion, and buying a house. Banks offer various offers to attract customers. Car loans, education loans, business loans, and home loans are available. However, taking a loan is a big financial responsibility, so it should be taken wisely.

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 a loan, then in such a situation the bank starts calling and sending messages to the customers. It has been seen many times that the recovery agents of the banks have also intimidated and threatened the customers in case of not sending the money.

In such a situation, most of the customers are not aware of their rights and due to 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 the customers. RBI (Reserve Bank of India) has made some rules on this matter. If a bank threatens the customer in case of not paying the loan amount, then the customer can complain to the police and also ask for a penalty for himself. Let us give you information about the rights of the customers.

Time for the bank to go to the defaulter's house and call -

Banks have the right to recover their lost money, but they have to follow the rules set by RBI. The bank officer or recovery agent can call the defaulter only between 7 am to 7 pm and can also go to their house during this time. If these officers come to your house outside the stipulated time, then you can register a complaint by calling.

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

What should the customer do in case of arbitrary behaviour of the recovery agent-

If you have taken a loan from the bank and are unable to pay it, then the bank can contact you. But bank officials or recovery agents do not have the right to misbehave with any customer. If they harass you mentally or physically, then you can complain about it to the bank, and action will be taken as per the Reserve Bank rules. Along with this, you can also file a complaint with the police and recover the fine.

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