2 Answers
Dear Client,
I understand your legal issue. Based on your Legal issue, I'll share my valuable opinion. That your colleague, who was just a reference contact of you takinga a loan, is treated as a guarantor by the NBFC app without formally signing him as a guarantor; this shows a clear violation of the RBI Regulations. You must collect all the copies of your loan agreement as well as ask for proof of e-signature by the reference contact. The NBFC app cannot legally convert a reference to a guarantor without the consent of the reference. Further, the RBI's Fair Practices Code strictly prohibits harassment of the third party involved, who is just a reference. Therefore, you should first file a complaint against the NBFC Nodal Officer seeking clarifications regarding the reference contact being treated as a guarantor within 30 days of the filing of Complaint along with the evidence of harassment. After 30 days if you still get no response then you should file a complaint in RBI Complaint Management System (CMS) portal and attach all the evidences of harassment.
Hope this answers your question
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Dear Client,
As long as your colleague was only a reference and did not know about signing a valid guarantee agreement, his/her contact information alone cannot automatically hold him/her liable as a guarantor. It is imperative that you procure copies of the loan agreement, e-sign records, and any other document being relied upon by the NBFC to establish your colleague as a guarantor. However, if the NBFC keeps on harassing your friend without having any legal justification for doing so, then you should write a letter to the NBFC seeking clarification as to what kind of a guarantor your friend is and asking for an immediate stop to such unnecessary communications. In case this does not help, then you could even pursue this matter further through the grievance redressal channel of the NBFC.
I hope this helps and if you have any further issues do not hesitate to contact us.