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I was working with a BPO since July 2019 but I lost my job in July 2020. I took a loan from a housing finance company in September 2017 and I have paid EMIs till March 2020 regularly after which I opted for a moratorium from April 2020 till August 2020. Not able to pay the EMI of September 2020, I went to the branch and explained my situation to them. But they refused to appreciate my situation and immediately informed the recovery team to collect money. I started receiving calls from the recovery department from September 10. They are stalking me. Please could you advise what proper steps I need to take in regards to this situation where bankers refuse to even restructure the loan facility.
Realising the grave situation in which the majority of the borrowers are, due to the pandemic, the Reserve Bank of India(RBI) on 6th August 2020 has issued a circular advising all the lenders to formulate a scheme to provide relief to the borrowers who are not able to service the loans. The lenders are expected to come out with board approved plans for restructuring of the loans soon. The lender chased you for the EMI because the loan restructuring scheme of the lender was not yet in place when you approached them.
I feel by now they should have a scheme in place under which they can give you a further moratorium upto two years. Since you had paid the EMIs till March 2020 and you have lost your job due to the Covid-19 pandemic, prima facie, you are entitled to avail the relief under the scheme formulated as per the broad guidelines of the RBI circular. It is not that you will get the relief by default. While granting the relief under the scheme, the lender will evaluate your credit history and credit score also. Since you have serviced your EMIs regularly, your credit score should be good.
I request you to approach your lender once again now giving reference to the above RBI circular. I am sure you will get some solution to your problem which many other are also facing.
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