Kreditbee loan

Dear Client,
Once the repayment of the loan stops or bounces for consecutive occasions the Bank initiates a routine course of legal action for recovery of the loan from the borrower marking the loan as a bad loan/NPA and offering the borrower for one-time settlement of the outstanding loan before approaching the Court for recovery of the loan from the defaulted borrower. If a suit for recovery of an outstanding loan from the borrower is filed by the Bank before a Civil Court/DRT, after hearing both parties Court may even pass an order for attachment of immovable or movable property of the borrower for recovery of the loan apart from the engagement of recovery agents. As per the RBI Guidelines, Banks/NBFC/FI are advised to ensure that the contracts with the recovery agents do not induce the adoption of uncivilized, unlawful, and questionable behavior or recovery process. Banks are advised to strictly adhere to the guidelines/code during the loan recovery process. In the given situation, filing a complaint for criminal intimidation under Section 351 of the Bharatiya Nyaya Sanhita(BNS), against the recovery agents of the Bank at the local Police Station, a copy of the said complaint should be sent to the concerned Bank. Further, a complaint against the loan recovery agents appointed by the Bank can be made to the regulatory authority RBI online at https://cms.rbi.org.in. Further, a quick counseling session with a certified credit counselor can help you discover your options and choose the right path to resolve or settle the matter.