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Personal Loan Tips: If you do not pay the personal loan, then in this situation, legal action can be taken by the bank. At the same time, you may have to face many other types of problems. Recovery agents can be sent who can harass. Also, your CIBIL score (CIBIL Score tips) can be badly damaged. Not only this, legal action can also be taken by the bank for not paying the personal loan. Let's know the complete details about this in detail.

Legal action can be taken-

When the customer does not pay the loan (Loan repayment) even after repeated warnings by the bank, the bank can take legal action. In this legal action, a civil suit can be filed against the customer.

In such cases, the court can order the person who does not pay the loan to repay the loan (Loan tips). In many such cases, the court can also order to seize and sale of their property for the recovery of the loan from such people. There can also be a jail sentence in such cases.

Loan Recovery Agent

According to AU Small Finance Bank, when the bank giving the loan (Latest banking Update) is unable to recover the loan amount from a person, they can appoint debt collection agencies for recovery. The recovery agent of the debt collection agency can harass the person who does not repay the loan (Personal Loan latest update). This can cause a lot of stress and anxiety. In many cases, the situation also worsens.

CIBIL score can also be bad-

When you are unable to repay the loan of a bank, your Sabil score gets badly spoiled. Due to this, you may face a lot of trouble in getting a loan from any bank (latest banking update) in the future. Even if a bank is ready to give a loan, you will get a deal with a very high interest rate.

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