Loan: In today’s time, taking loan to meet different needs has become very common. Loan giving banks give a fixed time to the customers to repay the loan and charge interest. If a person does not repay the loan on time, then in such a situation the bank can also take action against him. But, in such situations, customers also have some rights, using which they can not only maintain the dignity of themselves and their families but can also avoid financial stress.
Right to negotiate with the bank
If you are really unable to repay the loan then you can talk to the bank and tell them your entire problem. Keep in mind that all communication with the bank should be in writing such as letter or email. You can ask for more time from the bank to make the payment along with the penalty. But this way you can get maximum time of 90 days. After this you can ask the bank to restructure your loan. In such a situation, the bank reduces your EMI and increases the tenure.
Keep trying to pay EMI
But keep in mind that during this time you will have to keep making every effort to pay the missed EMI. To repay the loan, you can withdraw money from your savings account, FD, mutual funds. Along with this, you can also take help from your friends. Let us tell you that if you do not pay EMI for 180 consecutive days then the bank has full right to confiscate your property. But, if such a situation arises, you can mortgage any of your property by talking to the bank.
full right to respect
Keep in mind that banks also do not want to get entangled in such situations because banks have to maintain their NPA and if your previous track record is good then the bank also coordinates with you. No bank can misbehave with a customer who is unable to repay the loan. If any officer or employee of the bank misbehaves with you for recovery, then you can complain about it. Apart from this, if the bank is appointing an agent for loan recovery then it will have to share all the information of the agent with the customer.
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