Car loan.

Dear Client,
In the prevailing situation, you may negotiate or settle your dues against loans by following the steps like lowering your interest rate, arranging for a reduced interest rate is one of the most common requests a defaulter borrower can make to the Bank, creating or restructuring a repayment plan or extending the tenure of repayment of a loan, looking for debt forgiveness. considering loan consolidation, offering a one-time settlement payment. Following these steps, you may write an application requesting for settlement of dues to the concerned Bank stating why you cannot repay your outstanding dues lying against the loans. Also, write that you want to explore alternative repayment terms. Specify the amount that you can pay, as well as what you expect from the creditor Bank in return. A good starting point for negotiation could be offering around 30% of the amount that you owe. However, if they did not pay any heed to your appeal, then you need to bring the matter to the notice of the concerned Bank and its higher authority and the regulatory authority, RBI online on its grievance redressal portal under the integrated Banking Ombudsman Scheme either online or offline. A complaint against the loan recovery agents appointed by the Bank can be made at https://cms. rbi.org.in or by calling the helpline number 14440. The complaint may be lodged online or by filing an offline complaint and submitting the same at the Centralised Receipt and Processing Centre (CRPC) at RBI, 4th Floor, Sector 17, Chandigarh, PIN-160017. Further, a quick counseling session with a certified credit counselor can help you to discover your options and choose the right path to resolve or settle the matter. Further, Hon'ble Patna High Court in the case of Dhananjay Seth v. Union of India, 2023 SCC OnLine Pat 1393, decided on 19-5-2023 directed that the Banks/Financial Institutions who were respondents in the present case must henceforth, exercise their power to seize and repossess the vehicle only in accordance with the provisions of the SARFAESI Act and the Rules framed thereunder and the RBI guidelines. The Court further directed the Superintendent of Police of all the districts in the State of Bihar, to ensure that within their jurisdiction no recovery agent of the Bank and Financial Institution might take the law into their hands, intercept the vehicles on way and takes possession of the vehicle in default without an order of the competent court of law. Further, the Court stated that since the action of the Banks/Finance Companies were found illegal, the petitioners in the present case should be entitled for the cost of litigation. Accordingly, the Court directed that each of the respondents, that is, Banks/Financial Institutions would be liable to pay a sum of Rs. 50,000 as cost of litigation to the respective petitioners.

Dear Client
Contact Bajaj Finance immediately and explain your financial constraints that led to the EMI bounce. Ask for an extension or a revised payment plan that is more feasible for you. Review your loan agreement to understand the consequences of missed payments and the actions the lender can take in case of default. Cooperate with the asset verification process. Provide the necessary information and documents required by the lender during the asset verification. This could help in finding a resolution that works for both parties. Request the lender to consider restructuring your loan or providing a grace period to allow you to stabilize your financial situation. It may be possible to extend the loan tenure or restructure the EMI amount to make it more manageable for you.

Hi client,
This is a part of a procedure. Cooperate with them, seek some time to pay back along with he fine and all.

Thanks and Regards