look news india
However, inflation has increased rapidly in the global economy following the Russia and Ukraine wars. 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 debt burden on people's pockets is increasing. Many times it is seen that in case of non-payment of loan, financial institutions send recovery agents to the person taking the loan. Recovery agents try to extort money from people by threatening them to repay the loan. Many times the borrower is even beaten up and his house is damaged.
If you have also taken a loan from any financial institution and the recovery agents are harassing you 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 ambit 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 for recovery from the defaulter. If a recovery agent does this then you can complain to the police or make a written complaint to the RBI.
