It can feel like you’re under constant pressure when you can’t pay back a loan. However, you still have legal rights even if you miss EMIs. Actually, the law protects you from aggressive recovery tactics and harassment by agents.
Learn about your legal rights and how Loanifyr ensures that they are upheld.
- RBI Loan Recovery Guidelines
Banks and recovery agents are required to adhere to stringent guidelines set forth by the Reserve Bank of India:
- Only from 7 AM to 7 PM can they get in touch with you.
- They can’t threaten you; they have to show you respect.
- They are unable to divulge your loan information to third parties.
- They have to show identification and identify the bank they work for.
If these rules are violated, it becomes bank harassment.
- Your Right to Dignity and Privacy
You are entitled to privacy. Recovery agents are not allowed to call your relatives, workplace, or family to put pressure on you. Additionally, without a court order, they are not permitted to put notices on your door or threaten to call the police. - The Right to Legal Assistance
If agents break the rules, you can complain to the bank, RBI, or police. Even better, seek assistance from professionals like Loanifyr, who manage all correspondence and defend your legal rights. - Legally Pay Off the Loan
It is legal to settle your credit card debt or loan debt if you are genuinely unable to make payments. With the right paperwork, Loanifyr works with the bank to lower your balance and close the loan.
You don’t have to suffer in silence. Know your rights, and let Loanifyr help you fight back legally and safely.
Visit www.loanifyr.in to get started today.