Banking institutions and non-banking finance companies (NBFCs) are breaking not only rules and regulations but also humanity for loan recovery. Even after the loan is insured, in case of any mishap with the loan taker, the loss is not being compensated by the insurance. Rather, the loan takers are being harassed through rowdy and criminal nature agents. In one such case, finance company CSL Finance Limited not only forcibly recovered the loan from the wife after the death of the husband, but also seized the house. However, District Magistrate Savin Bansal, terming this act intolerable, got the branch of the finance company sealed on Monday after issuing RC. The administration’s move has created panic among NBFCs and agents bent on sucking the blood of the citizens. This story of harassment by the finance company is of Jhajra resident Priya. Priya’s husband Vikas took a home loan of Rs 6.5 lakh in April 2024 from CSL Finance Ltd. located on New Cantt Road. On the company’s advice, the loan was also insured with Tata AI Life Insurance Company. Necessary physical tests were also done during the insurance.
The financial situation deteriorated after Vikas’s death
After Vikas’s sudden death in July 2024, Priya was left with the responsibility of raising her four young daughters. Due to poor financial condition, Priya expressed her inability to repay the loan. But, the finance company did not listen to her and instead of recovering the loan from the insurance, started harassing Priya through agents. After some time, the agents also seized Priya’s house.
Even after the loan was insured, the widow’s house was confiscated. After wandering from door to door, Priya along with her daughters reached the public hearing of District Magistrate Savin Bansal on July 11 and pleaded for justice. Seeing the seriousness of the case, the RC of the finance company was cut the very next day on the instructions of the District Magistrate. The company was ordered to return Priya’s house and documents by July 18 and issue a no dues certificate. Even after this, when the finance company did not do anything, the administration team sealed the company’s branch on Monday. Along with this, the process of auctioning the company’s property is also being started.
