I have read your review's about personal loan, but many other sites has different reviews too like below on website www.quora.com:-
If you don't take pay your EMI on time , you get ready for lot of nuisance and nightmares. Level of nuisance varies from lender to lender.
Banks have a speciic collection teams for first 30 days which will call you and try to visit your office or home in day hours regularly. This team is trained to talk very politely but incessantly. So you reach your office and into work ,you will get call. You reply it. Next day again same thing. But in polite manner .
Once you cross the non payment time period by 30 days, some pressure comes. People will start visiting you regularly nd again politely push you to pay the money.
Real drama starts post 60 days. Every bank has to provide for the loans as non performing loans or in simple words a loss in profit and inform RBi if crossed 90 days of default. So banks will try very hard to collect before 90 days. They will give you nightmares with multiple people calling you multiple times during the day or practically sitting at your office for collection. If by misfortune you defaulted on payment for loans of NBFC then get ready for lifetime exp. They will make sure you see the collection guys every where. Outside your home, outside your office ,... Etc. Some times you can also expect people fishing you on social media.
If you are able to cross 90 days time of default then your case is given to a specialised agencies who can do anything to get money back. Banks normally refrain from using muscle power these days. They use social pressure, phycological pressures to get money back.
If some body is real notorious to be able to deal with all this, banks can't do anything apart from sending court notice under section 58 of negotiable instrument act .
once you come under 58 section, it's is really difficult to get away. It's a punishable offence.
So please pay EMI on time. Don't take loan if cant pay.
So i am bit confused about this comment. i want to know what is the last step by the bank in personal loan case the person have to pay pay the loan or they closed the recovery process or close the case