INSTANCES of Loans
It happened to someone If a person has been in the CIBILs defaulter list and after
clearing his name from the defaulters list, applied for a home loan but has not received any reply from the bank. THEN: This person would have talk with the respective agencies and confirm that his name has been cleared from the list. For this one could get a credit report straight from the CIBIL. All one has to do is download the application form from the site and fill it. Then with a demand draft of Rs.142 send it to the return address mentioned in the form and the credit report will be delivered. Secondly, banks have to follow a code issued by Reserve Bank of India (RBI) in March, 2007, by which banks in all categories of loan (be it
home loan,
personal loan or any other loan) with no regard to the loan amount have to communicate to the applicant in writing the main reason(s) for rejecting the loan application. The Banking Codes & Standards Board of India (BCSBI), RBI and your bank should be notified is the Code 8.11 has been violated by your bank which states that we will communicate in writing the reasons for rejection... What should be the appropriate course of action in case one has been harassed by a recovery agent? THEN: If anyone fails to pay the installments due, the bank has the right to recover the dues through their recovery agents albeit in civil manner (as advised by RBI). Banks usually follow the code of commitment laid down by BCSBI. Under the Code 6, specific guidelines have are mentioned for collection of dues through recovery agents. These agents have to interact in a civil manner, respect the privacy of the clients and maintain decency and decorum for collection of dues. If this code is violated one can inform the bank concerned, the BCSBI and the RBI (Customer Service Department). This does not mean the one is free from the dues he/she owes to the bank. Although, when faced with financial difficulty one can approach credit counseling centres like Abhay, BCSBI, Disha etc. Even online help can be taken through the websites and are absolutely free.
INSTANCES of Loans
By: Bhavana Jhingan
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