If there is no repayment for 3 months overdue, Agricultural Bank of China will have some consequences for the borrower. First, banks will collect debts from overdue borrowers and require them to repay as soon as possible. Secondly, late repayment will affect the borrower's credit record and lower his personal credit rating. Finally, the bank may take legal measures to recover the loan amount and may take other related measures.
The details are as follows:
1. Collection measures: The bank will contact the borrower through phone calls, text messages, letters, etc. to remind them to repay the loan and require them to repay the loan as soon as possible. The bank has the right to require the borrower to provide relevant proof of repayment or collateral and negotiate a repayment plan. If the borrower has been unable to repay the loan, the bank may entrust a professional collection agency to collect overdue debt.
2. Credit impact: Late repayments will be recorded in personal credit reports and have a negative impact on the borrower's credit rating. A lowered credit rating may lead to difficulties in subsequent applications for loans, credit cards and other businesses that involve credit investigations, and may result in you being asked to provide more guarantees or being rejected.
3. Legal recovery: Banks have the right to take legal measures to recover overdue loans. According to China's Civil Procedure Law, debt recovery regulations, etc., banks can file lawsuits in court, apply for compulsory execution, seize, freeze, auction, etc. the borrower's property to recover the loan principal and interest.
4. Other measures: According to the loan agreement and relevant legal provisions, Agricultural Bank of China may also take other legal measures, such as charging overdue interest, penalty interest, late payment fees and other additional fees from the borrower.
To sum up, Agricultural Bank of China will take a series of collection measures for borrowers who are overdue for three months, which will affect their credit ratings and may require legal means to recover debts. Be sure to repay your loan on time to avoid the consequences of late repayment.
Extended information:
When banks collect overdue amounts, they will generally abide by the "Contract Law of the People's Republic of China" and the "Civil Procedure Law of the People's Republic of China" 》 and other relevant laws and regulations. In addition, the People's Bank of China also issued the "Measures for the Management of Basic Personal Credit Information Database" to standardize the management and use of personal credit records. Late repayments will have a long-term impact on an individual's credit record and may limit future borrowing and credit consumption. Therefore, it is recommended that borrowers establish a good sense of credit, plan their finances reasonably, and ensure timely repayment.