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.
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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
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