Personal Loan New Rules: Most of the time these days, owing to inflation, people meet up their needs on loans. As you might be knowing, these days most people have taken loans of some kind. In such a case, even if you miss just one installment or delayed in paying that installment, the losses would be unimaginable.
So everyone knows it’s very easy these days to get a personal loan; you can make personal loans easy from any bank and financial institution in just hours. But not having the appropriate money deposited for paying your installment or delaying depositing installments in any of the months might cost you.
It will have a negative impact on your credit score
As everyone knows, personal loans are mostly given by financial institutions and banks according to the credit score these days. So in case you miss even one installment then you will suffer a whole lot of problems taking loans in the future; and in case the credit score is too low then you will never get any loan in the future.
Legal action can be taken against you
Delay in paying loan means legal action from the bank or the financial organization. If he does not repay, the bank or financial organization can approach a civil court to get their dues through the attachment to the property. For your information, if the financial institution from which you get the loan feels that you are not repaying the loan intentionally, they will be able to register a case against you under section 420, after which you may also have to go to jail.
RBI issued rules on personal loans
A fortnight back, the Reserve Bank of India announced revised rules for personal loans. Let us know where in the revised rules the changes are:
- Then in case of default, the bank will first send a notice before making calls to their respective homes.
- Banks have to set behavior norms to their employees regarding collection of loans. There is forth with applied rule in repaying loans- respectful behavior by borrowing person to bank employees and no misbehavior from them to customers.
- If any customer suffers harassment from recovery agencies, the bank will have to compensate him for use of its services.
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