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SAny one from banking industry of well versed with RBI Guidelines ?
Case below :
I took a car loan from yes bank in year 2021 (Dec ) up till 2023 I paid on time . When I took the loan my cibil was excellent but had to add dad as co borrower as I used to live overseas and had no ITR for past 5-6 years . Yes bank after issuing me loan also gave me credit card due to my repayment in first 5-6 months . I took it , as I never thought of what was about to come
My bua ( who raised me like mom ) was diagnosed with Liver cirrhosis . So I ended up in debt trap for treatment as you’re aware you just spend money for draining water from abdomen , injection which cost over 6,000/- per shot .
My salary was not enough to cover all payments and I went in default but still somehow I managed to pay car emi on priority as I knew it’s secured loan and default will cause issue. My yes bank credit card got NPA as I couldn’t make the payment , my car loan despite me paying on time every month got NPA as I was told it’s due to RBI guidelines . I got my credit card settled , but yes bank refused to clear my car loan from NPA, despite card is now closed and NoC also received . Never ever I kept three or more emi pending in car loan .
Example : I have one pending emi (last month ) and second pending (this month 15th) and one emi I pay every month (paid today ) end or way before third emi . Even in statement I can see , never ever I kept three pending . My emi date is 15th every month.
Now yes bank refused to assist me , they even sent loan recall notice & threatened me of picking my car up , my car is very dear to me as my bua was the one who took the delivery of car and I am attached to it .
I filed case in court and court after reviewing all documents and bank statement , they issued a stay order in my favour and sent notice to bank to appear in court , but they never show up . They even called and threatened me to seize car and when I said I have stay order , they said they don’t care , aise bahut notice dekhe hai . They are telling me to settle , I said I don’t want , I want to pay emi every month , they said clear all pending charges , bounce charges to remove from NPA. I said bro guidelines say when NPa account is closed other gets released automatically unless I have missed three emis which I never have . They scream at me and hung up
Can someone pls tell me what can I do ? I have al the supporting documents . Pls help bro here
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WThis is RBI regulation.
If you have multiple loans with a financial institution and even if one loan goes bad(NPA) and the remaining loans are serviced properly, all the loans will be classified as NPA and recovery will be initiated.In your case one is a secured loan and another is unsecured
You are servicing the secured loan with the fear of loosing the underlying asset (car) and you have stopped repayment towards unsecured loan. Here the bank has every right to liquidate the asset(car) and recover the dues towards CC.When both the loans goes into NPA and you choose to close one loan ie CC.
The other loan should be serviced properly and all the charges have to be paid, like cheque bounce, litigation charges, etc etc.Even if you pay one month EMI, the emi won’t be sufficient as they recover the overdue charges like penal, late payment, cheque bounce, and other charges.. your EMI wouldn’t be serviced properly. You are trying to make use of the 90 days window where they classify your loan as NPA and pay before the 90th day..
But there are charges that are getting accumulated once you miss an emi.You can get in touch with the bank and ask them to restructure the loan, and request for waiver of penal and other charges. So that you can regularise the loan.
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SI understand I need to pay bounce and penal charges , but not paying them immediately doesn’t make loan account NPA. I had checked with banks like RBL even that collection manager said , if one is closed and other is classified as NPA , other would release from NPA as soon as main account which was not serviced is closed or settled . He said RBL , SBI etc has same rule . He was confused as to why Yes bank has different
Moreover they are telling me to pay the outstanding on credit card to regularise and also said even if you pay pending charges on loan you loan won’t be out of NPA . I have in total cleared 5 lakh out of 8 lakh loan
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