Do not worry about the recovery agents of banks you have these rights

Banks have started recruiting recovery agents to speed up debt. Banking sources said that many government and private banks, including Bajaj Finance, Axis Bank, Bandhan Bank, and Ujjivan Small Finance Bank, are recruiting 15 per cent more recovery agents. Banks are making these recruitments as tele-callers and field agents. Banks are offering a package of Rs 1.5 lakh to 3.5 lakh annually to those who are recruited as recovery agents.

An official associated with the bank said that the target has been given to the recovery agents. Accordingly, they will be given incentives above salary. They have been restored temporarily. Their job is only to recover the bank’s trapped debt. However, they have been given proper training for this. They will not be allowed to harass anyone or do any harm. Significantly, due to the Corona crisis, the Reserve Bank of India (RBI) was allowed to repay all loan installments (loan moratorium) for six months. That deadline ended on 30 September. RBI has allowed banks to use their discretion to restructure debt. After this decision, EMI has started again on all types of loans. At the same time, due to corona and lockdown, millions of people have lost their jobs. People are facing pay cuts in this proportion. This makes banks afraid that their loan may be NPA. To reduce this possibility, banks have started hiring recovery agents.

Borrowers are worried

The recovery of recovery agents can increase the troubles of borrowers. Actually, the Wusali agents do not threaten and bully relatives, friends, colleagues, even wife and mother, to pressurize the debtor. This increases the debtor’s troubles. Sometimes borrowers also have to take help of police and law. According to a professional, he was not spared even after receiving reports of Corona positive. The recovery agent said, first give the loan and then go to the hospital.

No right to indecency

Banks and financial companies can hire a Wusali agent to recover their loan, but agents cannot force any indecency or coercion from customers. There is also a definite time for the lender to go home. On misbehavior, the customer can complain to the bank, if there is no hearing then he can complain further.

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You have four rights

– The job of the real agent is to prepare the borrower to pay the loan amount of the bank. He cannot bother you physically, mentally or in any other way. If the agent talks indecency, you can complain to the police.

-If the bank wants to hand over your case to the recovery agent, then it will have to give this information to you first. If you have already made a complaint and the bank has not acted upon it, the agent cannot be assigned a case.

– The address and phone number of the recovery agent must be given to the customer. The agent should also call the customer from the same numbers that the bank has provided. The agent should contact the customer only between 7 am and 7 pm.

-Customer has the right to call the agent at a fixed time and to schedule a time for the meeting.

The corona epidemic and lockdown have affected most people’s income. If you are involved in them and you have taken a car, home or personal loan and are now having trouble paying EMI, then do not worry. We are telling you how you can get out of this problem.

Home loan EMI

If you have taken a home loan from a bank or housing finance company and are finding it difficult to repay EMI due to Corona, then talk to the bank. RBI has asked banks to restructure loans. By taking advantage of this, you can repay the EMI by extending the loan moratorium or loan period for two years. However, prepare the necessary documents for this from now. If you have invested in underconstruction property, you can talk to the developers and shift it to ready to move property. In the midst of the Corona crisis many developers are providing this facility. By doing this you will be saved from the burden of renting a room with EMI. Then you will be relieved to pay EMI.

Problem in paying a car loan

If you have taken a car loan, now you are having trouble repaying, then ask the bank or lender to extend the loan period. For example, if the period of your loan is 36 months, then request to extend it to 48 months. With this, you will have to pay less EMI every month. Request your lender or bank to refer to the EMI. This may allow you to pay the EMI of the current month later.

Credit card and personal loan payment
If you have taken a loan on a credit card or have a personal loan, then you should try to pay it from your investment. Banks charge the highest interest on credit cards or personal loans. If you have FD or invested in PPF or Mutual Fund, then withdraw the amount from it and pay the loan. This is because you will get six to seven percent return on the deposit while on the loan you will have to pay 20 percent interest. In this way, you will be profitable by withdrawing money from investment. Later you can reinvest as earnings grow.

Gold loan is a better option
The Reserve Bank of India had raised the loan-to-value (LTV) ratio for gold from 75 per cent to 90 per cent by 31 March 2021, in view of Kovid in the month of August. In such a situation, one can resort to gold loan to overcome the financial difficulties created due to Kovid-19 and to meet their immediate financial needs. On the other hand, banks and NBFCs are charging a lower rate of interest on gold loans than unsecured personal loans. Borrowers are also benefiting from this. State-run banks like SBI and Canara Bank charge 7.50 per cent and 7.65 per cent annually on gold loans. Private banks charge interest rates ranging from 9.90 per cent to 11.5 per cent annually. NBFCs like Manappuram Finance, Muthoot Finance charge 12% interest.

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