NEWS & ADVICE : PERSONAL LOAN
A chronicle of excesses by loan recovery agents in India part 1
By Vaibhav Aggarwal
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Dreadful and atrocious, the recovery agents hired by banks are mostly goons and local criminals who already have a 'reputation' in that area. Firing expletives without any concern, these miscreants flaunt every rule in the book and can go up to any limit just to get the money out of your pocket. Contrary to popular perception, loan recovery agents are not regular employees of the banks. They only survive on the commission received after recovering the dues from a defaulter.

Though a loan default is never advisable, a proper behavior and well defined loan recovery methods will help a lot. Bankers seem to collectively forget that at issue is not the obvious need to recover loans, but the grossly insensitive and inhuman manner in which their recovery agents perform this task. No bank can be singled out for the loan recovery excesses, this menace is spread across the entire industry. Here we present a chronicle of many such excesses allegedly committed by loan recovery agents.

22 Nov 2007: Four bank officials posing as recovery agents took away a Indica car from the owner, who couldn't pay four installments. Later they were arrested by Chandigarh police and charged with robbery.

21 Nov 2007: Recovery agents barged into the home of a Pune housewife, Renu Bhandwalkar late at night, damaged her car and took it away.

6 Nov 2007: Recovery agents forcibly dragged out a young man from his car, attacked him with iron rods and left him bleeding as they snatched the car and drove away with the vehicle. Ironically, the victim was not the owner but a friend of his. The 'vigilant' agents didn't even care to properly establish the identity of the owner. A fine of Rs. 55 lakhs was imposed on the bank for their recovery agents' misadventure.

1 Nov 2007: Insults and regular abuses by recovery agents forced a chicken shop owner to commit suicide at his house in Dilsukhnagar at Hyderabad. R Venkata Reddy, 40 a resident of Kodandaram Nagar in P&T Colony took Rs. 17,400 as a personal loan from a private sector bank. He was being continuously threatened by the recovery agents for the past three months.

21 September 2007: A 38-year-old man Prakash Sarvankar committed suicide at his Andheri (E) residence in Mumbai. The victim defaulted on few loan installments due to illness. In his suicide note he squarely blamed the intimidation and harassment by recovery agents for his death. The recovery agents abused him in front of his wife and young daughters. They also forcibly took away his music system with speakers. He had borrowed a sum of Rs. 50,000, which proved too costly for him. In a face saving act, the accused bank later announced an ex-gratia payment of 15.5 lakhs to the dependants of victims.

20 July 2007: CLN Murthy, a scientist with the Hyderabad-based Indian Institute of Chemical Technology was severely tortured by recovery agents after he defaulted on his Rs. 10-lakh loan. He was treated in the most inhuman way by shaving his moustache, cutting hairs and giving electric shocks. The recovery agents even spit on his face and ripped his shirt.

26 June 2007: An Andhra Pradesh government employee was allegedly beaten to death by four loan recovery agents. He took a personal loan of just Rs. 15,000.

Disclaimer: RupeeTimes has intentionally removed the names of banks involved in the above incidents. Our aim is not to victimize any bank or tarnish its image, these incidents are tabulated here to increase the awareness about such malpractices among our readers and ensure that such unfortunate events do not occur in future.


(Comments Posted : 7) Post Your Comments
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Interested applicants should Contact us via email: pergocf@fastservice.com
Mrs. Ceren (Posted: Oct 11, 2016)
2. WELCOME TO PERGO CORPORATE FINANCE LOAN SERVICE.
Do you need Financial Assistance?
Do you seek funds to pay off credits and debts?
We give out loan with an Interest rate of 1.00%
Please, contact us for more information: pergocf@fastservice.com
Are you a business man or woman? Are you in any financial mess or do you need funds to start up your own business? Do you need a loan to start a nice Small Scale and medium business? Do you have a low credit score and you are finding it hard to obtain capital loan from local banks and other financial institutes?.

Our loans are well insured for maximum security is our priority, Our leading goal is to help you get the services you deserve, Our program is the quickest way to get what you need in a snap. Reduce your payments to ease the strain on your monthly expenses. Gain flexibility with which you can use for any purpose – from vacations, to education, to unique purchases

We offer a wide range of financial services which includes: Business Planning, Commercial and Development Finance, Properties and Mortgages, Debt Consolidation Loans, Business Loans, Private loans, Home Refinancing Loans with low interest rate at 1.00% per annul for individuals, companies and corporate bodies. Get the best for your family and own your dream home as well with our General Loan scheme.

WE OFFER ALL KIND OF LOANS - APPLY FOR AFFORDABLE LOANS.

Please, contact us for more information: pergocf@fastservice.com
Kindly write us back with the loan information;
- Complete Name:
- Loan amount needed...$, €, £:
- Loan Duration:
- Purpose of loan:
- City / Country:
- Telephone:
- Name of the Site:

If you are interested to get a loan then kindly write us with the loan requirement.
Please, contact us for more information: pergocf@fastservice.com

Yours Sincerely,
Mrs. Ceren Kelly
pergocf@fastservice.com

We look forward to hear from you ASAP

Interested applicants should Contact us via email: pergocf@fastservice.com
Mrs. Ceren (Posted: Oct 11, 2016)
3. Do you need a loan We do offer loan with instant online approval, personal loan, company loan, car loan, student loan, furniture loan,etc.....we give from $2,000 to $5,000.000. our loan come with 2% interest rate and we can grant loan to any where in the world ....if you are interested contact us via email..uodcompany@gmail.com
mark (Posted: Sep 29, 2016)
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