Samasta Microfinance Ltd is a leading financial institution in India, committed to empowering underprivileged communities through microfinance solutions. The organisation provides microloans to individuals and groups, enabling them to pursue entrepreneurial ventures, improve their livelihoods, and achieve financial independence. It also provides options for loan settlement for those struggling with repayment. Loan settlement is a way for borrowers to negotiate and clear their outstanding debts through an agreed-upon reduced payment or revised loan terms.

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 Samasta Microfinance loan settlement

Samasta Microfinance Pvt Ltd’s loan settlement service is designed to provide relief to borrowers who are unable to meet their repayment obligations. The service involves discussing and finalising revised repayment terms, often resulting in reduced amounts or extended timelines.

Process for Samasta Microfinance loan settlement

1. Initial contact: Borrowers reach out to Samasta Microfinance Pvt Ltd to express their financial difficulties and request a loan settlement.

2. Evaluation: The financial status of the borrower is reviewed, including income, expenses, and the outstanding loan amount.

3. Proposal: A settlement proposal is shared, which may include reduced repayment amounts, extended timelines, or both.

4. Agreement: Both parties agree on the settlement terms, and a formal agreement is drafted and signed.

5. Final payment: The borrower makes the agreed-upon payment to settle the loan.

6. Account closure: Once the payment is received, the loan account is closed, providing the borrower with financial relief.

Benefits of settling loans with Samasta Microfinance

• Reduced financial stress: Borrowers can negotiate lower repayment amounts, easing financial burdens.
• Avoid legal consequences: Settling loans prevents legal actions related to non-payment.
• Credit recovery: While loan settlement may initially impact credit scores, resolving debts can improve financial standing in the long term.
• Customised solutions: Settlement plans are tailored to match individual financial conditions.
• Quick resolution: The settlement process is designed to resolve outstanding debts efficiently and effectively.

Tips for a successful Samasta Microfinance loan settlement

• Be honest about finances: Provide accurate information regarding your financial situation.
• Maintain communication: Keep in touch with the lender throughout the process.
• Get everything in writing: Ensure all agreements are documented to avoid future disputes.

Eligibility criteria for Samasta Microfinance loan settlement

• Outstanding loan amount: Must have an existing loan with Samasta Microfinance.
• Financial hardship: Demonstrate inability to continue regular payments.
• Documentation: Provide proof of income and expenses.

Steps for loan repayment using the Bajaj Finserv website

Here are the steps to make 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.