Digital laon
4 months ago
I have taken digital loan from NBFC like Ring, smartcoin app and they visit home daily asking payment i
A.Dear Client Most of these digital lending sites are illegal and they do not have license from RBI to lend and give loans to anyone. Incase they keep harassing you then immediately lodge a complaint with the local police.
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A.Dear Client,
The regulatory authority RBI has strictly prohibited the use of abusive language, intimidation, or any form of harassment in the loan recovery process. Borrowers have the right to be treated with dignity and respect. The Recovery Agents should carry proper identification, maintain decorum, and act within the legal framework. The RBI guidelines emphasize that the recovery process should be fair and not oppress borrowers. Recovery agents should not resort to coercion or use of force in the recovery process. So, understanding the RBI guidelines for loan recovery is essential for both borrowers and lenders. These guidelines promote transparency, fairness, and ethical practices in the loan recovery process, protecting the rights and interests of all parties involved. In the case of Magma Fincorp Ltd. v. Rajesh Kumar Tiwari, (2020) 10 SCC 399, the Supreme Court had “banned taking over possession by recourse to physical violence, assault and/or criminal intimidation by deploying recovery agents by the lender unless they obtained appropriate order in accordance with law and such orders were required to be executed only in accordance with the law. In case you face any threat or harassment from the Debt Recovery Agents of the Bank, you need to make a written complaint to the local police station against the recovery agents and inform the concerned Bank attaching a copy of the complaint made to the local Police Station and file a criminal suit u/s.503 of IPC against the recovery agents and the concerned NBFC/Bank. Apart, file an online complaint for the same cause of action to the Grievance Cell of RBI in the web link: https://cms.rbi.org.in/cms or contact RBI Toll-Free Number 14448 and lodge a complaint over alleged harassment by recovery agents of the concerned NBFC/Bank. Alternatively, an email can be sent to [email protected] stating the grievance/complaint in detail. Further, a quick counseling session with a certified credit counselor can help you to discover your options and choose the right path forward to repay your debt.
The regulatory authority RBI has strictly prohibited the use of abusive language, intimidation, or any form of harassment in the loan recovery process. Borrowers have the right to be treated with dignity and respect. The Recovery Agents should carry proper identification, maintain decorum, and act within the legal framework. The RBI guidelines emphasize that the recovery process should be fair and not oppress borrowers. Recovery agents should not resort to coercion or use of force in the recovery process. So, understanding the RBI guidelines for loan recovery is essential for both borrowers and lenders. These guidelines promote transparency, fairness, and ethical practices in the loan recovery process, protecting the rights and interests of all parties involved. In the case of Magma Fincorp Ltd. v. Rajesh Kumar Tiwari, (2020) 10 SCC 399, the Supreme Court had “banned taking over possession by recourse to physical violence, assault and/or criminal intimidation by deploying recovery agents by the lender unless they obtained appropriate order in accordance with law and such orders were required to be executed only in accordance with the law. In case you face any threat or harassment from the Debt Recovery Agents of the Bank, you need to make a written complaint to the local police station against the recovery agents and inform the concerned Bank attaching a copy of the complaint made to the local Police Station and file a criminal suit u/s.503 of IPC against the recovery agents and the concerned NBFC/Bank. Apart, file an online complaint for the same cause of action to the Grievance Cell of RBI in the web link: https://cms.rbi.org.in/cms or contact RBI Toll-Free Number 14448 and lodge a complaint over alleged harassment by recovery agents of the concerned NBFC/Bank. Alternatively, an email can be sent to [email protected] stating the grievance/complaint in detail. Further, a quick counseling session with a certified credit counselor can help you to discover your options and choose the right path forward to repay your debt.
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A.Dear client
Open communication is key. Reach out to the NBFC and explain your current financial situation. Discuss any challenges you are facing in repaying the loan. Some lenders may be willing to work out a revised repayment plan.
Carefully review the terms and conditions of the loan agreement. Understand the repayment schedule, interest rates, and any fees associated with late payments. If you are facing financial difficulties, try negotiating a revised repayment plan with the lender. Some lenders may offer options such as extending the repayment period or restructuring the loan. Lenders must adhere to ethical and legal collection practices. If you feel harassed or threatened by their collection practices, document the instances and consider reporting them to the appropriate authorities.
Open communication is key. Reach out to the NBFC and explain your current financial situation. Discuss any challenges you are facing in repaying the loan. Some lenders may be willing to work out a revised repayment plan.
Carefully review the terms and conditions of the loan agreement. Understand the repayment schedule, interest rates, and any fees associated with late payments. If you are facing financial difficulties, try negotiating a revised repayment plan with the lender. Some lenders may offer options such as extending the repayment period or restructuring the loan. Lenders must adhere to ethical and legal collection practices. If you feel harassed or threatened by their collection practices, document the instances and consider reporting them to the appropriate authorities.
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