Here, I will share your right as a personal loan defaulter.
Right to get intimated early: The lender should remind you about your missed monthly installment. You should be informed by the bank within the first 3 months about your missed EMI. They have to intimate you before taking any stringent action against you.
The right to treat politely: All Banks and NBFC are regulated by RBI norms. Usually, lenders send the in-house team to visit your residence and collect the pending dues. Lenders can also appoint a third-party team for the collection of EMI.
However, they can not mistreat you or harass you for not paying EMI. They have to follow the following points while asking you for the payment.
The collection officer has to take your consent to meet you at your convenient place.
They can not meet you in the late evening after 7 p.m. They can only meet you between 7 a.m-7 p.m.
They can not abuse you. Also, they can not mistreat you while communicating with you or your family about the payments.
The lender can take legal action against the borrower. Here, I will guide what a borrower can do to avoid legal action.
You should reach to the lender and inform your problem. They may allow you some more time to make the payment.c
You can request the bank to increase the tenure and hence decrease the personal loan EMI Calculator
If you don’t have any resort, then you can ask for a settlement. Then, you need to make the payment of the outstanding balance. It will result in a bad credit score however, it can relieve you from a heavy debt load. It will hit your credit score badly. The remaining amount you have to pay to avail credit in the future.
Due to any unforeseen situation, if you have become the defaulter. Don’t get panic and try to follow the above mention steps. Defitentye it will give you relief in some or another way.
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