Missing even one EMI may not just impact your credit score anymore. If new RBI guidelines come into effect, it might lead to your smartphone being locked by the finance company.
Yes, the Reserve Bank of India is considering allowing finance companies to lock phones if a buyer misses an EMI. This move is being planned to reduce defaults on mobile phone loans taken on EMI.
Under the proposal, finance companies may be allowed to install a special app on the phone at the time of purchase. If a payment is missed, the app could lock the device until the EMI is cleared.
However, the RBI plans to introduce strict rules requiring finance companies to take prior consent from customers. This will ensure user rights are protected and no personal data is accessed without permission.
In today’s digital world, where personal data is already at risk, such measures have raised fresh concerns. People are worried about privacy, data security, and how much control companies will have over their own devices.
