Janakalyan Financial Services Private Limited (JFSPL), founded in 2016 and based in Kolkata, is a non-banking financial company (NBFC) specialising in microfinance. The company provides small loans, ranging from Rs.10,000 to Rs.50,000, primarily to women for income-generating activities in agriculture and business through the Joint Liability Group model. JFSPL has expanded its operations across six states in India, with 75 branches serving 22 districts.

The company emphasises customer convenience through online platforms for loan repayments, allowing customers to utilise services like Bajaj Finserv for hassle-free loan settlements. With Bajaj Pay, the BBPS platform on Bajaj Finserv, users can view, pay, and download their loan repayment receipts with just a few clicks. Bajaj Pay also supports payments for various other financial obligations, offering a comprehensive solution for managing multiple payments in one place.

Overview of Janakalyan Financial Services loan settlement

Loan settlement is a process where a borrower who is unable to repay their loan in full negotiates with the lender to pay a reduced amount as a one-time settlement. This helps the borrower clear their outstanding debt while allowing the lender to recover part of the loan.

Janakalyan Financial Services provides loan settlement options for individuals facing financial difficulties. However, this should be considered only as a last resort, as settling a loan for less than the original amount can negatively impact a borrower’s credit score.

Process for Janakalyan Financial Services loan settlement

Borrowers can follow these steps to complete the loan settlement process with Janakalyan Financial Services:

1. Initial consultation: Borrowers start by contacting Janakalyan Financial Services and sharing their loan details. This includes information about the loan type, amount, repayment history, and financial constraints.

2. Assessment: The team at Janakalyan Financial Services assesses the borrower’s financial situation and evaluates the feasibility of a settlement.

3. Negotiation with the lender: Janakalyan Financial Services negotiates with the lender on behalf of the borrower. The aim is to reduce the outstanding amount or agree on a manageable repayment structure.

4. Settlement agreement: Once terms are agreed upon, a settlement agreement is drafted, outlining the new repayment terms. Borrowers need to review and agree to these terms before proceeding.

5. Payment Completion: After the settlement terms are finalised, borrowers make the agreed payment to the lender, which clears the debt.

Benefits of loan settlement with Janakalyan Financial Services

1. Reduced financial burden: Borrowers can settle their loans by paying less than the total outstanding balance.

2. Quick resolution: The loan settlement process ensures a timely resolution of outstanding debts.

3. Avoidance of legal complications: Settling the loan prevents potential legal actions and associated stress.

4. Improved financial stability: Borrowers can clear their debts and focus on rebuilding their finances.

5. Preservation of borrower-lender relationship: An amicable settlement ensures continued goodwill between the borrower and Janakalyan Financial Services.

Tips for a successful Janakalyan Financial Services loan settlement

• Be proactive: Contact the lender as soon as financial challenges arise.
• Provide accurate information: Share truthful and comprehensive details about your financial situation.
• Understand the agreement: Read the settlement terms carefully before agreeing.
• Negotiate wisely: Aim for a settlement amount that aligns with your current financial capacity.
• Complete payments on time: Adhere to the agreed repayment schedule to ensure a smooth settlement.

Eligibility criteria for Janakalyan Financial Services loan settlement

Borrowers must meet the following criteria to be eligible for a loan settlement with Janakalyan Financial Services:

• Demonstrated financial hardship: Provide evidence of genuine financial challenges preventing full repayment.
• Overdue loan account: Loan settlement is typically available for accounts with overdue payments or defaults.
• Document submission: Borrowers must submit necessary documents, such as proof of income and loan account details.
• Agreement: Both the borrower and Janakalyan Financial Services must agree to the settlement terms.

Steps for loan payment using the Bajaj Finserv website

Here are the steps to make Janakalyan Financial Services loan repayment online using the Bajaj Finserv website:

1. Visit the Bajaj Finserv website and log in to your account

2. Go to the ‘LOAN REPAYMENT' section under the 'PAYMENTS' menu

3. Choose your biller from the drop-down list

4. Enter your loan account number and click 'FETCH YOUR BILL.'

6. Select a preferred payment method from the options from the list of available payment options

7. After choosing your preferred payment mode, enter the requested payment details in the comfort of your home.

You will receive a confirmation notification from Bajaj Finserv after the successful payment.

Fees and charges

A convenience fee of up to 2% will be charged depending on the transaction amount and payment mode (including applicable taxes). For more information on fees and charges, click here.

Note: For failed transactions, the total amount, including charges except taxes, is reversed.