Loan EMI: Bankers cannot harass you for not paying loan EMI, know RBI's guidelines..

Loan Recovery Agent: Nowadays, taking a loan has become easier than ever. Along with the bank, many mobile apps are also providing the facility of instant loans sitting at home. However, sometimes it becomes difficult to repay the loan installments due to financial problems. In such a situation, loan recovery agents start harassing the borrowers and put pressure on them to deposit the installments.

When recovery agents adopt unfair methods like threats, repeated phone calls, or pressure at home, know that all these are illegal. In such a situation, do not panic, but be patient and calm. You can easily deal with this problem by taking some legal steps. Remember, you should be aware of your rights and raise your voice against any illegal work being done by the agents. Let us know about this in this news if a loan recovery agent is harassing you, then what rights do you have?

Why do recovery agents harass?

When a person is unable to pay the loan installments on time, banks or financial institutions appoint recovery agents. Their job is to recover the outstanding amount. Although the Reserve Bank of India has issued strict guidelines for recovery agents, many times these agents violate the rules and mentally harass the loan taker.

According to the strict rules of RBI, recovery agents cannot contact borrowers before 8 am and after 7 pm. They are not allowed to use threats or violence under any circumstances. If an agent violates these rules, you can immediately complain to the concerned bank and also contact the Banking Ombudsman of RBI. Strict action can be taken against the agent for not following these rules.

If the recovery agent is threatening you, using abusive language, or contacting you at inappropriate times (such as at night), immediately file a written complaint with the customer service department of the bank. Include the agent's name, date, and details of the incident in the complaint.

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