Loan disputes are becoming limelight these days as they become a very common issue these days. Be it a personal loan, car loan, mortgage loan, or home loan, several disputes occur between lenders, banking officials and the borrower. It is due to several types of misunderstanding regarding the terms and conditions of the loan, loan interest rate, repayment tenure and many other factors. When you get into a dispute with your lender or bank, first move towards the loan terms and conditions or agreement that you have signed at the time of filling out the application form. Read it thoroughly and check whether your disputes are resolved with the terms inscribed in it or not.
These days, in several matters of dispute, it becomes very necessary to know what corrective measures should be taken to resolve such issues. For instance: you live in Maharashtra and borrowed a personal loan in Pune, and unfortunately, you get into a dispute on some issues, you don’t need to panic, first read the agreement you have signed with your lender, then proceed to other solutions.
Here, in this blog, we will let you know how you can easily handle several types of loan disputes and financial issues with your lender.
Dispute Resolution Procedure
Escalate your Concern or Complaint
Banks provide a toll-free number to call and provide them with your details to get the resolution over a call if it’s not possible with your lender. The procedure for lodging your concerns or complaints is completely mentioned on the agreement page and also available on the website of your bank. escalate your concerns with the banking ombudsman authority In case you do not agree and are satisfied with the provided services of your banking institution, then you can easily. According to legal procedure, you can ask your banker to provide you with complete details to lodge a complaint. They can’t deny you in providing a customer care number, email address and other details or the financial service support authority of your region.
Resolve With Your Bank
The easiest way to solve your concerns and problems for your unsatisfactory issues is to contact your bank or lender in person. You can visit your bank. Consult your local customer relationship manager or any such personnel and let him know everything related to your loan disputes. They will provide you with a suitable way by which you can get to your point. Generally, banks on the receipt of a customer complaint, proceed with their query and submit a report to the customer within 30 days. It may take longer based on the type of issue and the depth of the problem. You should try to contact your branch and check whether your issues are resolved there or not.
Go To the Next Level
If you are not satisfied with the banking services and the customer support they have given you on your complaint, you can move to the upper level. Here, the chief grievance officer or chief customer service manager comes into the game. If you want a robust solution to your issues and concerns, you can reach out to the banking ombudsman service portal or raise your complaint there. Alternatively, you can easily visit their office for better results. They will provide you effective feedback and the solution over mail or in writing. You need to provide them with enough documents and proof in order to get your disputes solved.
Go to the banking ombudsman and raise your concern over your specific disputed issue with your bank. You can tell them about reimbursement of your loans, interest-related problems, payment issues, security issues related to collateral deposits, credit cards, EMI and many more.
If not satisfied, Move to Courts and Lok Adalat
In case your concerns are not solved yet even in your bank and banking ombudsman centre, you can easily move to the local court or Lok Adalats. If you want your issues to be listened to by apex governing bodies, then you need to hire a good lawyer and make them aware of all your issues. He will take your stand on your behalf. It needs some fees which you have to pay them. Now, your concerns are given priority and you will get better redressal of your complaints.
Summary
Several types of loan-related disputes arise while taking financial assistance from a lender. Several processes are there to solve them all like branch level, grievance officer or nodal officer level, manageriallevel, banking ombudsman level or the Lok Adalat or court level.
