Car loan
5 months ago
I have car loan with Bajaj finserv . And my EMI is bounced 4 days ago , and I have received "Asset verification notice " from Bajaj finserv, and they have told to come to Bajaj office within 4 days , with car for Asset verification , but I doubt that they will seize my car at that time ? What to do ? I will go for Asset verification. But I doubt they will seize my car on that time . So what precaution should I take ?
A.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 Lender, 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 Lender 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. Reach out to an Advocate for guidance and steps.
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A.Dear Client
Familiarize yourself with the terms and conditions of your loan agreement, especially the clauses related to default and asset repossession. Knowing your rights can help you navigate the situation more effectively. Prior to the asset verification, engage in open communication with Bajaj Finserv. Clarify your financial constraints and discuss your willingness to resolve the missed payments. Request an extension or a revised repayment plan to make the EMI more manageable for you. Gather and organize all relevant documents related to your car loan, including the loan agreement, proof of payments, and any correspondence with the lender. Having these documents readily available can help support your case during the asset verification process.
Familiarize yourself with the terms and conditions of your loan agreement, especially the clauses related to default and asset repossession. Knowing your rights can help you navigate the situation more effectively. Prior to the asset verification, engage in open communication with Bajaj Finserv. Clarify your financial constraints and discuss your willingness to resolve the missed payments. Request an extension or a revised repayment plan to make the EMI more manageable for you. Gather and organize all relevant documents related to your car loan, including the loan agreement, proof of payments, and any correspondence with the lender. Having these documents readily available can help support your case during the asset verification process.
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