Are You a Loan Defaulter? Know Your Rights
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.
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