In the last few years, flat culture has developed rapidly in the cities of India. People now prefer buying flats instead of building houses. Due to this, the number of people taking home loans has also increased. Banks easily give loans if there is regular income and good CIBIL score.
However, after the Russia and Ukraine war, inflation has increased rapidly in the global economy. To control inflation, RBI has increased the repo rate several times, due to which taking personal loan and home loan has become expensive. In such a situation, the EMI of those who have taken personal loan or home loan has also increased significantly.
Due to this, the burden of loan on people’s pockets is increasing. Many times it is seen that in case of non-payment of loan, financial institutions send a recovery agent to the person taking the loan. Recovery agents try to extort money by threatening people to repay the loan. Many times the loan taker is even beaten and the house is damaged.
If you have also taken a loan from any financial institution and are being harassed by the recovery agent due to non-payment of EMI, then there is no need to panic. You can complain about it.
Non-payment of loan EMI comes under the scope of civil dispute. In such a situation, financial institutions cannot do any kind of arbitrariness or coercion with the defaulter.
According to RBI guidelines, loan recovery agents cannot do things like harassing, threatening and scuffling to recover from the defaulter. If any recovery agent does this, you can complain to the police or make a written complaint to the RBI.
