RBI guidelines on locking devices over unpaid EMIs
The RBI has laid out specific regulations regarding when financial institutions are permitted to restrict access to laptops, tablets, and smartphones purchased through financing. Lenders may start placing limitations on these devices once an EMI payment is 30 days late, with a complete lock allowed after 60 days of non-payment. Despite these measures, devices must still support incoming calls, text messages, emergency services, and essential work functions. Furthermore, lenders are required to unlock the device within 60 minutes once all outstanding payments have been settled.
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