EMI Bounce: What to do if the recovery agent takes away the vehicle for not paying the loan installment, customers should know their rights..

Car Loan EMI: If you have taken a vehicle by taking a loan, then you should also know your rights. Along with this, you must also know under what circumstances the recovery agent (recovery agent rules) can take away your vehicle.

The loan taker also has many rights, using which the borrower (borrower's rights) can get rid of many problems. Especially when the recovery agent takes away the vehicle if the loan installment is not paid. Let us know about these rights of the loan holder.

This is the action taken if EMI is not paid -

Usually, banks or loan-giving institutions, apart from sending notices for recovery of money against those who do not pay the car loan EMI, also take the help of recovery agents. Many times, the loan-giving institutions (loan recovery rules) take the vehicle in their possession. That is, the recovery agents sent by the loan provider take away the vehicle. When the EMI of the loan bounces (EMI bounce hone par kya kre), the bank sends notices and reminders. Apart from this, the customer also has to face phone calls, penalty and recovery agents.

Guarantor is also contacted -

When the EMI bounces continuously, the bank sends a letter or notice (notice on EMI bounce), along with this, bank representatives and recovery agents also come to the house and contact. Apart from this, the loan guarantor is also contacted. Overall, the problems of the loan taker increase.

The loan account is declared NPA -

If the customer does not respond to any notice sent by the bank even after missing three consecutive EMIs (loan EMI repayment) of the car loan taken by the customer, then the bank can take strict action against him. After this, first of all, the bank puts your loan case in nonperforming asset.

When do recovery agents take away the vehicle-

After this, the bank sends recovery agents (rules for loan recovery agents) to the customer's home for car recovery. After completing some necessary paperwork, the recovery agents take away the vehicle, and sometimes force is also used to take away the vehicle. Even after this, the bank (bank loan news) gives one month to the customer to pay the EMI. In this situation, you can get the vehicle released by paying four months' EMI, a penalty (penalty on EMI bounce), and a car parking charge.

These are the rights of the customer -

The loan EMI can also bounce (Loan EMI Rules) from the customer who takes a car loan. The recovery agent can take away his vehicle at any time, so the customer should also be aware of his rights. Even if the loan installment is not paid or the loan is not repaid, no recovery agent (recovery agents ke liye rules) can forcibly take away the vehicle. If this is done forcibly, a complaint can be lodged against the recovery agent in the police.

Recovery agent cannot give this information to others-

The recovery agent cannot misbehave with the loan borrower (loan borrower's rights). Of course, the loan EMI may have been missed but the loan borrower also has the right to self-respect. The recovery agent cannot disclose your financial status to anyone other than the loan borrower and the guarantor.

The customer has the right to complain-

The recovery agent cannot come to the loan borrower's house or call him after 7 am to 7 pm. If the customer is harassed outside this time, then a complaint can be made against the recovery agent (rules for recovery agents).

Extra time can be sought from the bank-

When the customer is not able to pay the EMI, he should contact the bank (bank loan news) and inform them about the financial situation. If you think that the money will be arranged after a few days, then the customer can ask for extra time from the bank to pay the EMI (car loan EMI). Giving time depends on the will of the bank. If time is given, the bank can charge higher loan interest rates and penalties.

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