If the loan EMI amount is not paid, the recovery agents come to the house or office and harass the person who has taken the loan. The biggest problem occurs in the case of personal loans. This is an unsecured loan on which high interest has to be paid. If the loan is not repaid, first the bank charges an interest penalty. After this, the recovery agents harass. If something like this has happened to you, then do not worry. According to the Reserve Bank (RBI), the person who has taken the loan also has some rights.

1. Talk to the bank
In case of bad financial condition and not being able to pay the loan EMI, first talk to the bank from which the loan has been taken. If the loan has been taken from an NBFC company like Bajaj Finserv, Tata Capital, Kreditbee, Navi Finserv, etc., then talk to their customer care number and tell them that your financial condition is not good right now. Therefore, some time is needed to pay the loan EMI. It would be better to tell your problem in writing so that you have proof of it. Emailing for this can be a good option.

2. Get the remaining amount restructured
You can talk to the bank and get the remaining loan amount restructured. This reduces the loan EMI. However, the total time to repay the loan increases. Restructuring the remaining loan amount also benefits the bank because they get more money than before. Therefore, most banks easily agree to this.

3. Ask for the penalty to be removed
If it takes more than 2-3 months to repay the loan EMI, then the bank's penalty becomes quite high. If you arrange for funds at this time, then you can ask the bank to remove the penalty. Most banks also remove this penalty.

4. Get the balance transferred
Talk about the loan (Bank Loan) with another bank and get information about balance transfer from them. Many banks repay the customer's loan and give a new loan in return. Usually, the loan amount is more than the previous loan. If you have Rs 3 lakh left as a loan amount, then another bank may give you a loan of Rs 5 lakh. A demand draft (DD) of the remaining amount of the previous bank is given and the remaining amount is transferred to the bank account. This can also strengthen your financial position. However, in this situation the EMI of the loan increases.

5. Get the loan settled
If you are completely unable to repay the loan and do not have a lot of money, then you can also ask the bank to settle the loan. In this process, the bank does not take the entire remaining amount of the loan but closes the loan by taking only a part of the remaining amount. How much amount has to be paid depends on the conversation between the loan taker and the bank. Sometimes settlement is done even in just 15 percent of the remaining amount. Settlement spoils the CIBIL score.

Complain to the police
If the recovery agent harasses you for not repaying the loan, then complain to the police. Any bank or recovery agent can call or come to your home/office only between 8 AM and 7 PM. No agent can threaten you. If anyone does so, complain about it to the bank or the police.

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