RBI guidelines on loans overdues recovery – Car loan. personal loan, tractor loan business loan, secure or unsecured loans.
Private banks or NBFC – non-banking financial companies .
- Borrowers must be notified first about the details of the recovery agency.
- Recovery agent cannot harass either verbally or physically borrower for loan overdue recovery.
- The recovery agent can not call before 8 am or after 7 pm to the borrower.
- The recovery agent can not discuss the loan with any other family member of the borrower or relatives also now allowed to call them.
- Borrower should discuss with a lender about their situation of not being able to clear the dues and inform about the expected timeline.
- In case of missing multiple EMI’s bank can send notice to the borrower but can indulge in any kindly of miss behavior with borrower.
For any of such incidents kindly feel free to take legal advice and report to RBI
Digital Complaint Management System (CMS) Portal: https://cms.rbi.org.in
Email – crpc@rbi.org.in
]helpline number 14440