RBI Rules: On non-payment of the loan, the borrower is afraid that the recovery agents may misbehave with him, due to which his image may not get spoiled in the society. In such a situation, today we are going to tell you about some of your special rights…
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Desk-People take loans to meet their needs, but sometimes some circumstances are such that it becomes difficult for a person to repay the loan. In such a situation, the borrower has to lose the mortgaged asset, as the bank has the legal right to foreclose the mortgaged property in this situation. However, in this situation, many times the borrower is afraid that the recovery agents may misbehave with him, so that his image gets tarnished in the society.
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If such a situation has come in front of you too, then it is very important for you to know about some of your human rights. Keep in mind that even if the bank declares you a defaulter, the bank cannot misbehave with you because loan default is a civil matter, not a criminal matter. Know your rights here.
Complaint here on the misbehavior of the recovery agent
In case of non-payment of loan, the lender can take the services of recovery agents to recover their loan. But, they cannot cross their limits. They do not have the right to threaten or misbehave with the customers. Recovery agents can visit the customer's home between 7 am to 7 pm. If the recovery agents misbehave with the customers, then the customers can complain about it to the bank. If there is no hearing from the bank, the door of the Banking Ombudsman can be approached.
It is necessary to send notice to the bank-
Keep in mind that the bank cannot just take possession of your asset. When the borrower does not pay the loan installment for 90 days, then the account is then put in Non-Performing Asset (NPA). However, in such a case, the lender has to issue a notice of 60 days to the defaulter. If he does not deposit the loan even within the notice period, then the bank can proceed for the sale of the asset. But even in case of sale, the bank has to issue a public notice of 30 more days.
Right to challenge the auction price
Before the sale of the asset, the bank or the financial institution from where you have taken the loan has to issue a notice stating the fair value of the asset. It also needs to mention the reserve price, date and time of the auction. If the borrower feels that the asset has been undervalued, he can challenge the auction.
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If you can't stop the auction from happening
If you are unable to stop the auction of the asset, then keep an eye on the auction process, as you have the right to get the additional amount left after the recovery of the loan. The bank has to return that remaining amount to the creditor.
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