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Will BharatPe Money Contact Me If I Miss a Loan Repayment? Here's What You Need to Know

Loan repayment is a crucial part of any borrowing process. But what happens if you miss a payment on a loan secured through BharatPe Money? This article explores the lesser-known aspects of debt recovery on their platform.

The Big Question: Who Contacts You for Overdue Payments on BharatPe Money Loans?

While BharatPe Money acts as a facilitator connecting you with lenders, loan repayment is handled directly between you and the lender. This means:

• The Lender Initiates Debt Recovery: The financial institution that provided your loan will be responsible for contacting you regarding missed payments or overdue amounts.
• Communication Channels: The lender may reach out through phone calls, in-person visits, or other means as per their policies.

Understanding the Legal Aspects:

• National Do Not Call Registry (NDNCR): Even if you're registered with the NDNCR to avoid promotional calls, these recovery attempts from the lender are exempt. They pertain to outstanding dues and not considered commercial communication.
• BharatPe Money's Role: They are obligated to follow all applicable laws and regulations set forth by the Reserve Bank of India (RBI) regarding debt recovery practices.

What to Do in Case of Missed Payments:

• Act Quickly: If you anticipate missing a payment, contact the lender as soon as possible to discuss your situation and explore potential solutions.
• Review the Loan Agreement: Refer to your loan agreement to understand the late payment penalties and fees that might apply.
• Communicate Openly: Maintaining open communication with the lender is crucial throughout the repayment process.

Key Takeaways: