RBI's new guidelines: Not repaying any kind of loan is harmful for the borrower. This not only spoils his CIBIL score, but even the property can be auctioned (property auction rules). However, despite this, the loan defaulter has many rights, using which he can protect himself in many ways.

If you have not been able to repay the loan (loan repayment rules), then it is not that the bank or the financial institution giving the loan can do anything as per its wish. After a loan default, you get many rights, let's know about them in this news.

The borrower can present his side -

In case of loan default, the borrower (borrower's rights) has the right to go to the bank and present their side. He can write down the reasons for not getting the loan repaid at the bank. Reasons like losing the job or, medical emergency come under valid reasons. These reasons can be told. Even after receiving the notice, the loan defaulter has the right to express their views by giving information on the repossession notice.

Recovery agent cannot act arbitrarily -

A loan holder or defaulter (loan defaulter ke adhikar) also has the right that no recovery agent can violate his privacy. Nor can he act arbitrarily with the loan holder. To repay the loan amount, the recovery agent (rules for recovery agent) can talk to the borrower only by staying within the limits. He can meet the loan holder, go to his house, and call him only at the fixed time of the day. This time is from 7 am to 7 pm.

Right to complain about misbehavior -

The loan holder's right to respect and privacy (loan recovery rules) is his biggest right. Of course, the loan may default, but the bank or the recovery agent cannot misbehave or misbehave with the customer. If the agent behaves in a bad manner with you, then you have the right to complain to the bank (bank news) and even take legal action against them.

Right to receive information about property auction-

If the borrower is unable to repay the outstanding loan amount, the bank also takes steps like property auction to recover this amount. For auction, the bank has to inform the borrower through a notice (bank notice on loan default). It cannot take this action directly. In the notice, it is also necessary to give details of the fair price for the property, the time and date of the auction. If you feel that the rate of your property (property valuation) is low for auction, then you have the right to object.

Right to get more money than the loan amount-

During the auction of the property mortgaged against the loan (property auction rules), if the price is more than the loan amount, then you are entitled to get the rest of the amount apart from the loan amount. The rate of property keeps fluctuating every day, so its rate can be more than the loan amount. For this, you should keep an eye on the property auction procedure.

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