Bajaj Sold Loan Issues: How to Handle Kotak or ARCIL Calls, Fix CIBIL Errors & Raise Complaints

It is not uncommon for financial institutions like Bajaj to sell loans to other entities, such as Kotak or ARCIL. This process is a standard banking practice where loans are transferred to recover outstanding dues or balance their portfolios. When a loan is sold, the new lender takes over the responsibility of managing the loan, including repayments and collections.

For customers, this means that while the ownership of the loan changes, the terms and conditions of the original loan agreement remain the same. You may receive communication from the new lender regarding repayments or account management. It is essential to verify that all details align with your original agreement to avoid confusion.

If you are receiving calls from Kotak or ARCIL regarding a Bajaj loan, it is likely because your loan has been sold to one of these institutions. This is a routine process, and the calls are part of their responsibility to manage the loan and collect payments.

Here is how to handle such calls:

• Verify the details: Confirm the authenticity of the communication by checking your loan account on the Bajaj customer portal.
• Understand your obligations: Ensure that the repayment terms remain consistent with your original agreement.
• Communicate proactively: If you have any doubts, contact the customer service team of Bajaj, Kotak, or ARCIL for clarification.

Taking these steps ensures that you stay informed and avoid potential misunderstandings.

How to raise a complaint for wrong or harassing calls

If you are receiving incorrect or harassing calls, follow these steps to report the issue:

1. Log in to the Bajaj Service Portal using your registered email or mobile number.
2. Access the chatbot or live support option available on the portal.
3. File a formal complaint by providing details of the calls, including the caller’s number and the nature of the issue.
4. Alternatively, you can email Bajaj’s customer care team or call their helpline for assistance.

Taking prompt action ensures that your concerns are addressed efficiently.

Bajaj added a loan in CIBIL not taken by you — how to fix

Incorrect entries in your CIBIL report can significantly impact your credit score. If Bajaj has added a loan to your report that you did not take, follow these steps to resolve the issue:

• Log a complaint with Bajaj: Use the Bajaj Service Portal to report the incorrect entry. Provide all relevant details, including your CIBIL report.
• Raise a dispute with CIBIL: Visit the CIBIL website and file a formal dispute. Attach supporting documents, such as your loan statement, to validate your claim.
• Seek assistance: Contact your nearest Bajaj branch or call their helpline for further guidance.

Addressing the issue promptly helps protect your creditworthiness.

How to remove a Bajaj loan from CIBIL if it was sold to Kotak/ARCIL

If your Bajaj loan has been sold to Kotak or ARCIL, you may need to update your CIBIL report to reflect this change. Follow these steps:

1. Download the sold loan statement: Log in to the Bajaj Service Portal and retrieve the latest statement for your sold loan.
2. Raise a dispute with the new lender: Contact Kotak or ARCIL to ensure the loan details are updated in their records.
3. Communicate with CIBIL: Submit a formal request to CIBIL, along with supporting documents, to update your credit report.

Keeping your credit report accurate is crucial for maintaining a healthy financial profile.

How to complain about calls for a loan you never took

If you are receiving calls about a loan you never availed, here is what you can do:

• Contact Bajaj customer care: Report the issue via their helpline or email, providing details of the calls.
• File a complaint: Use the Bajaj Service Portal to raise a formal complaint and track its status.
• Leverage grievance redressal mechanisms: Escalate the matter if the issue persists, ensuring that your concerns are resolved effectively.

Taking these steps helps stop unwanted calls and safeguards your peace of mind.

If your loan has been sold to Kotak or ARCIL, you may need to contact them for account management or repayment queries. Here is how you can reach them:

• Kotak Mahindra Bank:
  • Helpline: Call their customer care number listed on their official website.
  • Email: Use their official customer support email for written communication.
  • Online support: Access their customer portal for self-service options.
• ARCIL (Asset Reconstruction Company India Limited):
  • Helpline: Call their official helpline for assistance.
  • Email: Send an email to their registered customer care address.
  • Branch visit: Locate and visit the nearest ARCIL branch for in-person support.

Ensure you have your loan details handy when contacting these institutions.

Your rights when a loan is sold to another lender

As a customer, you retain certain rights even when your loan is sold to another lender:

• Access to repayment schedules: You are entitled to receive a detailed repayment schedule for the transferred loan.
• Unchanged terms: The original terms and conditions of your loan agreement remain valid.
• Flexibility in loan closure: You have the right to close or transfer the loan without penalties, provided you meet the necessary conditions.

Understanding these rights ensures that you stay informed and in control of your financial obligations.