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Lenders are intensifying loan recoveries. How should borrowers respond?

Do your best to avoid a default. But if it happens, and a collection agent comes knocking, remember you, too, have certain rights

Topics
Coronavirus | Loan recoveries | Moratorium

Sanjay Kumar Singh & Bindisha Sarang  |  New Delhi/Mumbai 



corporate debt
According to figures provided by the RBI, about 39 per cent of all loans are so far under moratorium. Those who have not availed of it yet need to weigh its pros and cons carefully

Media reports suggest that banks and non-banking financial companies (NBFCs) are set to redouble their efforts in the coming months to ensure that retail don’t turn delinquent. Many have moved staff from other departments and asked them to join the collection drive. Pressed by demands from lenders, retail borrowers who are short of funds need to come up with a well-crafted response, instead of getting either intimidated or turning overly aggressive.

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First Published: Fri, June 05 2020. 15:28 IST

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