Description
When EMIs start bouncing, most borrowers face fear rather than law: late-night calls from recovery agents, loan apps messaging relatives, a car taken from the road, a SARFAESI notice that threatens the family home, or a bank demanding a friend’s loan from a guarantor. The law does not cancel a debt because times are hard, but it fixes the stages, notices and deadlines a lender must follow and gives borrowers clear rights at each step. This course explains those rights in plain language, so that you can stop unlawful pressure, object in time, and negotiate a realistic settlement.
What you will learn
- What happens after a missed EMI: overdue status, SMA-0, SMA-1, SMA-2 and NPA at 90 days, and why part-payment does not reverse an NPA
- How defaults reach your credit report, the three-day rule for credit cards, and how to correct errors within RBI’s 30-day timeline with ₹100 per day compensation
- RBI’s rules on recovery agents, including the 8 a.m. to 7 p.m. calling window, the fair practices code, and the changes coming from 1 January 2027
- Your protections under the RBI Digital Lending Directions 2025, and what to do about loan-app harassment
- The complaint ladder: lender’s grievance officer, RBI Ombudsman under RB-IOS 2026 at cms.rbi.org.in, and the police
- Restructuring, one-time settlement under RBI’s 2023 compromise settlement framework, and the wilful defaulter rules of 2024
- SARFAESI step by step: the Section 13(2) notice, your Section 13(3A) objection, possession, auction rules, and appeal to the DRT within 45 days
- DRT and cheque bounce cases, guarantor liability, vehicle repossession, gold loan auctions and personal insolvency under the IBC, with model letters you can adapt
Who this course is for
People struggling with home, personal, car, two-wheeler, credit card, gold or app-based loans; small business owners with business loans or loans against property; guarantors and co-borrowers; and family members helping someone deal with a lender. No legal background is needed.
How the course works
6 modules and 18 self-paced text lessons, each with real-life Indian examples and key takeaways. A quiz of 5 questions follows each module. The final module gives a stage-by-stage action plan, a document checklist and model formats: a SARFAESI objection outline, a complaint against recovery agents, a one-time settlement request and a credit report dispute.
How the certificate works
- Final test of 30 multiple-choice questions, mostly practical scenarios, with a 45-minute time limit
- Pass mark 60%; retry allowed
- Certificate with a unique ID, verifiable online at lexfolio.in/verify-certificate/
- A certificate of completion from Lexfolio, not a degree, diploma or professional qualification
This course is for education and general information, not legal advice for a specific case, and does not teach anyone to avoid lawful repayment. Law as on 7 November 2026. For your own case, consult a lawyer or your District Legal Services Authority (NALSA helpline 15100).
Access: after payment, open My account > Courses and start learning. Lifetime access.
Access: after payment, open My account > Courses (or the course page) and start learning. Lifetime access to this course.
Free guides for this course
- EMI default: what happens month by month with a bank or NBFC
- SARFAESI notice under section 13(2): what a borrower should do
- DRT recovery case: process and borrower’s options
- One time settlement (OTS) with a bank: how it works and risks
- Credit report errors: how to dispute with CIBIL and your rights
- Guarantor liability when a borrower defaults
