5 Min(s) Read
Despite defaulting on a loan, borrowers have various rights, including the right to privacy, the right to be heard and the right to adequate notice. If the reason for EMI default is genuine, you have some leeway. Here are details for different scenarios.
Taking a loan is quite common in today’s world. While loans do come in handy, it gets problematic when one fails to pay the EMIs on time. After a loan default, it’s normal to receive calls from the lender asking the borrower to repay the money at the earliest. However, even in case of defaults, the borrowers do not automatically surrender their rights to the asset. If the reason is genuine, they will get fair treatment as per the rules.
As a borrower, you should definitely know your rights to tackle any situation of financial stress with your dignity intact, especially in the current high-interest rate regime.
Steps borrowers can take in case of EMI default on a secured loan: