Are You a Loan Defaulter? Know Your Rights

By SiliconIndia   |   Thursday, May 3, 2012   |    6 Comments
Print Email

Bangalore: Are you a loan borrower and unable to repay it on time? It doesn't mean you have to get stressed and harassed for it. There are some rights as a borrower set by the Banking Codes and Standard Board of India (BCSBI), in association with Indian Banks Association (IBA) that you can exercise if you are not able to repay your loan. The code of conduct towards the borrowers by banks demonstrates the guidelines for the loan recovery for the bank.

1. Sufficient Notice

The bank should inform the borrower about his dues, legally with a formal notice, along with a sufficient notice period for payment. It should provide a minimum notice period of seven days before initiating the loan recovery process against the borrower.


Write your comment now
 
Reader's comments(6)
1: Hii>>Nice Post!!

Personal Loan Erode: Find the Best Rates For Personal Loan Erode and get Approval in 48 Hours. Apply Online Now www.dialabank.com/article.cfm/articleid/5911
/ Call 98 78 98 11 66
Posted by:kritikasingla - 21 May, 2012
2: welcome come to : http://www.lovetoshopping.org Cheapest Air Max Shoes,Tiffany Jewelry

Company,Wholesale Abercrombie Fiitch Clothes

accept any payment!

lower price fast shippment with higher quality!!

BEST QUALITY GUARANTEE!!

SAFTY
Posted by:nibucengda - 05 May, 2012
3: http://www.netetrader.com

Best online store

Best quality, Best reputation , Best services

---**** NHL Jersey Woman $ 40 ---**** NFL Jersey $ 35

---**** NBA Jersey $ 34 ---**** MLB Jersey $ 35

---**** Jordan Six Ring_m $ 36 ---**** Air Yeezy_m $ 45

---**** T-Shirt_m $ 25 ---**** Jacket_m $ 36

---**** Hoody_m $ 50 ---**** Manicure Set $ 20

---**** handbag $ 37 ---**** ugg boot $ 43 ---****

---**** sunglass $ 16 ---**** bult $ 17 ---****

http://www.netetrader.com
Posted by:fdsag - 05 May, 2012
4: Thanks for giving us such a good information.you can take the loan for home on..http://www.dialabank.com/article.cfm/articleid/1546
wikipedia..http://en.wikipedia.org/wiki/Secured_loan
Posted by:thakur - 04 May, 2012
5: It gives information in a pleasant way but this applies to only rich people who have all connections to delay loan payment but for small people are left in darkness.

Dr.A.Jagadeesh Nellore(AP),India
Posted by:Anumakonda - 04 May, 2012
6: Article looks good but who has the time to help such people?
Posted by:Richa - 03 May, 2012
Looking For Loan? Let us Help you !!!
Product
Name
City
Phone
Email
Loan Amount
Annual Income
Preferred banks
Type the characters you see in the picture
 
Sign Up for DailyDose and Read the Day's Highlights
Email:
SiliconIndia About Us   |   Contact Us   |   Help   |   Community rules   |   Advertise with us   |   Sitemap   |  
News:       Technology   |   Enterprise   |   Gadgets   |   Startups   |   Finance   |   Business   |   Career   |   Magazine  |   Newsletter   |   News archive  
Cities:        CEO   |     Startup   |   Mobile   |   CIO   |   Women   |   BI   |   HR   |   SME   |   Cloud   |   Marketing   |   QA   |   Java   |   Web Developer  
Community:      Members   |   Blogs   |   Indian Entrepreneurs   |   Gyan   |   Advice   |   Community   |   Find   |   Events   |   CXO Insights  
Job Board:      Jobs   |   Freshers   |   Companies   |   HR Speak   |   Forum  
Online Courses:   Web Developer   |   Java Developer   |   CCNA Training   |   SEO   |   SAS   |   SQL Server 2005   |   J2EE
Education:   MBA   |   MCA   |   Engineering   |   Training Institute
Life:          Real Estate   |   Travel   |   Finance   |   Gadgets   |   Movie Reviews   |    Jokes  
Send your feedback and help us continue to improve SiliconIndia
© 2014 InfoConnect Web Technologies India Pvt Ltd. all rights reserved