When borrowers are unable to repay loans and accounts turn into Non-Performing Assets (NPAs), banks and financial institutions may transfer these stressed loans to an Asset Reconstruction Company.
In India, leading Asset Reconstruction Companies (ARCs) include Asset Reconstruction Company (India) Limited (ARCIL) and International Asset Reconstruction Company Pvt. Ltd. (IARC). Major bank such as Kotak Mahindra Bank engage in asset-related resolution activities.
Bajaj has alliance with Kotak and ARCIL for Sell of related loan, hence when the Sell off happens the loan gets closed from Bajaj books and then transferred with Kotak/ ARCIL with new Loan No, which remains active.
Before transferring a loan to an ARC, the lender usually:
· Pre – Sale Intimation send to customer via SMS, E-Mail, Pre -sale Notice
· Post sale intimation send to customer via SMS, E-Mail, Pre -sale Notice"
Assignment of Loan
The lender legally assigns the loan to an ARC through an assignment agreement.
After assignment:
You might have receive official written communication informing you of the transfer.
The ARC becomes your new official creditor responsible for recovery of the loan
Payment instructions and payment follow ups will be done by ARC
Do not panic.
Verify the transfer notice.
Make payments only to authorized accounts.
Contact the ARC directly for repayment options.
Kotak Mahindra :-
Please connect with Kotak Mahindra Bank on below contact details for further information.
KOTAK HELPLINE NO : 18001209820 ( 10 AM – 6 PM on weekdays)
Email address : RARD.customercare@kotak.com
You can direct their communication on the below mentioned address :
KOTAK MAHINDRA BANK LTD, Retail ARD Customer Care, Kotak Infiniti, 4th Floor, Building no 21, Infinity park, Off Western Express Highway, General AK Vaidya Marg, Malad East, Mumbai 40009
ARCIL :-
Asset Reconstruction Company (India) Limited
The Ruby, 10th Floor 29, Senapati Bapat Marg, Dadar (West), Mumbai – 400 028
Tel : 022-66581310
Email : complaint@arcil.co.in
IARC :-
Registered Office address - 406, DLF South Court, Saket, New Delhi- 110017
Customer care Number - 011- 41199400
E-mail Address :- customersupport@iarc.co.in
No, you cannot foreclose your loan immediately after disbursal. Typically, lenders have a minimum lock-in period during which foreclosure is not permitted. Check your loan agreement or Bajaj Finserv’s terms and conditions for more details.
Online foreclosure requests usually take a few working days to process. Ensure that you upload all required documents accurately to avoid delays.
Once your foreclosure request is approved and the payment is processed, you will receive the No Objection Certificate (NOC). The timeline for receiving the NOC may vary depending on regulatory and procedural factors.
You can track your foreclosure status by logging into the Bajaj Finserv customer portal. Navigate to the ‘Loan Requests’ section to view the status of your foreclosure application.
Foreclosing a loan does not negatively impact your future loan eligibility. On the contrary, it can enhance your credit profile as it demonstrates your ability to manage and close debt responsibly.
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