Synopsis
To safeguard the interest of the borrowers RBI has introduced a Fair Practices Code. The right to humane treatment requires that borrowers be treated with dignity.
Getty Images
In case of default on repayment of a secured loan like a home or car loan, the biggest worry of a borrower is that they would have to part with the financed asset like the house, car etc. However, borrowers should know that even upon default, they have certain basic rights which cannot be overlooked by the lender. Here is a look at 4 important rights that defaulting borrowers have.
Right to adequate notice
Cairn case: Pending appeal in arbitration court may not avoid seizure of assets in Paris
newindianexpress.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from newindianexpress.com Daily Mail and Mail on Sunday newspapers.
Sarthak Advocates & Solicitors Takes Another Step Towards Promoting Mental Well-Being At The Workplace
livelaw.in - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from livelaw.in Daily Mail and Mail on Sunday newspapers.