RBI New Rule: Banks will Lock Your Phones if EMI is Not Paid
If you have bought a mobile phone on EMI, then this news is very important for you. Now, if you do not pay the installment while buying a mobile phone on EMI, your phone may get locked. The Reserve Bank of India (RBI) has considered imposing this rule on the loan granting institutions. This new rule is especially for those people who have bought mobile phones on EMI but are not paying the installments.
Earlier, loan companies used to lock the phone if the installment was not paid. At that time, a special app was installed on the phone while taking the loan, with the help of which the loan company would lock it remotely. But last year, the RBI banned this.
Why RBI considering to Impose this New Rule?
Defaults on small loans are on the rise. According to a research, more than one-third of electronic products in India are purchased through EMI. In this case, the RBI may invoke this rule to help the lending institution in loan recovery.
What Could be Special in the New Rules?
Customer consent will be mandatory while taking a loan. Even if the phone is locked, your personal data will not be affected. In case of loan default, i.e. non-payment of installments for 90 days, the phone can be put in ‘tracking mode’.This will stop calls, messages and the use of apps. But the emergency number will continue to work.
According to the report there are about 116 crore mobile connections in India and 70% of iPhones are sold through EMI. Therefore, this step by RBI can prove to be very helpful for banks and NBFCs.
If you are taking a mobile phone on EMI, then it is very important to pay it in installments on time. Otherwise, your phone may get locked. While taking a loan, read all the terms and conditions carefully and be aware of your rights.
It should be noted that the RBI has not yet implemented this rule. Rather, it is under discussion. It can be implemented only after taking advice from lenders and consumer rights organizations. It is expected that a decision on this can be taken in the next few months.
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