Use of Force by Banks to Recover Loans
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100 comments Page 6 of 10.
Mujffar Ali said:
1 decade ago
In my opinion it is not good to use force to recover the loan because its not necessary that every person who is not paying his installment is cheating with bank there may some serious problem with that or maybe he or she is suffering from a big loss in their business in which they invest their loan amount. I am not saying that bank always should not use the force but first bank should come to the reason why he or she is not paying his or her installment after that if reason is not acceptable then it can use force to recover the loan.
(19)
Poonam said:
1 decade ago
Hi Friends, According to me three types of people are exist in India. One who are able pay their loan and they are even paying on time 2nd thosse who want to pay loan but they are not able to do because of some financial problem And Last one are those who never want to repay their loan. So I Think Bank should be careful when they are giving Loan to people. And bank should give much more time to 2nd type of people to pay their loan before taking any strong action But immediate take strong action against 3rd type of people.
(8)
Ankita Singh said:
9 years ago
Yes, bank can totally use force to recover loans as non-payment of timely interest leads to criminal offence. But only when they have provided money after going through repayment capacity of the borrower. A legal documentation and other paper work is done to sanction the loan. If a person has not met all these conditions then bank does not provide loan. And even if it has provided without going through the financial conditions then here bank has no right to claim their money forcefully because here bank is also at fault.
(15)
R Thapa said:
1 decade ago
I think bank should not use recovery agent, which can be avoided by carefully examine the history or the capacity of the repayment og the customer. If he seems to be unable to re pay bank should not grant any loan if granted also bank must try to recover by way of legal means and if not possible by any legal action then as a very last option he can try to recover his loan by force, but this can be avoided if bank creats a seperate cell which will examin the payment capacity of the customer before grantion the loan.
(4)
Suleman said:
1 decade ago
HELLO,
Myself completely disagree with the statement. Use of force to recover loan is false statement. Because banker can apply force to main on farmers and small business owners.
1. For above category are always willing to pay the all loan amount regularly if no unforeseen things happen.
2. But for the case of big business man and millionairess never pay loans. So many examples are there.
I conclude that only bank can take documentation perfect that payout period completed then recover by law should be clear.
Myself completely disagree with the statement. Use of force to recover loan is false statement. Because banker can apply force to main on farmers and small business owners.
1. For above category are always willing to pay the all loan amount regularly if no unforeseen things happen.
2. But for the case of big business man and millionairess never pay loans. So many examples are there.
I conclude that only bank can take documentation perfect that payout period completed then recover by law should be clear.
(5)
Deeksha said:
1 decade ago
According to my view point bank first see the worthiness of customer whether he would able to pay the loan in future or not and bank must see his/her income criteria then the bank should provide loan to the customer so that they will not have to suffer in future and they will easily get their money back and in generally if the person is not able to pay the amount then bank would recover their amount by hook or by crook. So, bank must see the capability of a person that is he able to pay the amount of loan or not?
(35)
Vivek mandal said:
8 years ago
The way of recovery loan is not good whereas sending goons for that. Whether India is concerned it is a country of poor people where majority of the people are poor and unemployed also so they depend upon any kind economic help for their daily life. If bank provide them loan then somewhere bank has to be polite with them because they know their responsibility towards country than rich people but the problem is starvation that's why they are unable to pay loan on time. So it is duty of bank to think about them.
(16)
Kamod chaudhary said:
1 decade ago
The bank has no right to send goons to the customer's door. The banks take collateral which is more and less same as the amount they are lending to the customer. The collateral may be the insurance policy or deposits of the customer etc so the bank always has option to confiscate these assets and recover their money.
And if the banks fail to check their customer's credibility thoroughly at the time of sanction of loan then its the bank's fault it should not harass the customer for its own fault.
And if the banks fail to check their customer's credibility thoroughly at the time of sanction of loan then its the bank's fault it should not harass the customer for its own fault.
(23)
Anurag said:
1 decade ago
The bank has no right to send goons to the customer's door. The banks take collateral which is more or less same as the amount they are lending to the customer. The collateral may be the insurance policy or deposits of the customer etc so the bank always has option to confiscate these assets and recover their money.
And if the banks fail to check their customer's credibility thoroughly at the time of sanction of loan then its the bank's fault it should not harass the customer for its own fault.
And if the banks fail to check their customer's credibility thoroughly at the time of sanction of loan then its the bank's fault it should not harass the customer for its own fault.
(27)
Anil meena said:
1 decade ago
The all discussion which given are good, but whatever discussed, it already implemented by mfi companies, they give divide the customer according to their income, according to their activity, and according to their paying capacity, so by this customer not get burden of the loan, customer fill easy to pay, this kind of amount are sufficient to invest in their activity and earn more money by invest loan in right way, it all monitor by mfi companies that's why mfi sector are so successful in India.
(1)
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