Loan settlement with Bajaj Finance
If you’re unable to repay your loan due to an unforeseen circumstance, loan settlement can be an option for you to close your loan. Loan settlement is an agreement between the lender and the customer as per which your lender offers you a loan settlement amount. This loan settlement amount is less than your actual outstanding amount. However, a loan settlement is offered only to select cases depending on your lender’s policy. If you’ve borrowed a loan from Bajaj Finance and there’s a need for you to opt for a loan settlement, you can connect with us through these channels.
- Call our customer care number +91 8698010101 to connect with our representative.
- Write an email to wecare@bajajfinserv.in and learn about the loan settlement option.
- Visit our branch nearest to your location to learn more about loan settlement.
What is loan settlement
Loan settlement refers to an agreement between the lender and the customer, which allows the customer to repay a portion of the borrowed amount as a final settlement. If you’re unable to pay the entire outstanding loan amount, then in select cases a loan settlement is offered to you. This option is usually offered based on your financial condition and ability to pay. However, opting for loan settlement may impact your credit score negatively.
If you’re looking for a loan settlement option with Bajaj Finance, you need to connect with our debt management services representative. You can call on our customer care number or visit our branch to connect with our representative.
Upon scrutiny of the account on various factors, a settlement letter will be offered to you. This option will be offered only if you agree to settle the loan.
Opting for loan settlement might impact your CIBIL Score. Please click on the respective link at the top of this page to know more.
If you’re unable to pay the entire outstanding loan amount, then in some cases a loan settlement may be offered to you. However, opting for a loan settlement might impact your credit score. This loan settlement option is offered based on your financial condition and ability to pay.
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Check your loan details
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Impact of a loan settlement
Loan settlement can have a significant impact on your credit score. While it provides relief from immediate financial strain, it may lead to a dip in your credit score. The settlement status is typically reported on your credit report, indicating that the debt wasn’t fully paid. Moreover, loan settlement can also impact your future creditworthiness. You may find it difficult to get a loan in the future from any leading financial institution.
Therefore, before you request a loan settlement, it’s essential to carefully consider the long-term impact on your credit score and future creditworthiness.
If you are looking to reach out to us for a loan settlement, connect via any of our three official channels. Click on the respective link at the top of this page to know more.
If you opt for a loan settlement option, your credit score might get affected negatively. It can also affect your creditworthiness for future loans. Therefore, it’s advised to go through all these details before you opt for a loan settlement.
Alternatives to loan settlement
Before proceeding with a loan settlement, it’s critical to evaluate other options for relieving financial stress without resorting to a settlement. Use your savings or liquidate your investments and other assets to pay off the loan. You can also seek financial counselling or explore debt consolidation services for structured debt management strategies.
It is advised that you should not respond to any unsolicited calls or emails from the companies offering loan settlement services. Click on the respective link at the top of this page to know more about our official channels.
Before you choose to go ahead with a loan settlement, it’s critical to evaluate other options as well. Since loan settlement has a negative impact on your creditworthiness, you can use your savings or liquidate your investments and other assets to pay off the loan.
Channels to reach us
If you’re looking to opt for loan settlement with us, it’s important to reach out to us via our official channels only. We advise our customers to be cautious about the illegal and fictitious loan settlement offers. It is recommended that you don’t respond to any unsolicited calls or emails from companies offering loan settlement services.
Sometimes, unlicensed companies provide fake loan settlement offers with vague terms or in the absence of a written document, it’s advised to check thoroughly before you engage with them.
If you need to settle your ongoing loan with Bajaj Finance, connect with the below-mentioned official channels only.
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Customer care number
Contact the Bajaj Finance customer service at +91 8698010101 for assistance with the settlement of your loan. Keep your loan account number and other details handy during the process.
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E-mail us
You can also write to wecare@bajajfinserv.in and mail your loan settlement requirement. Our representative will guide you on further steps.
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Visit our branch
Visit our branch nearest to your location and connect with our representative. Keep your loan account details and other information handy when you visit our branch.
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Loan settlement might impact your creditworthiness for future loans. Click on the respective link at the top of this page.
Frequently asked questions
Loan settlement refers to an agreement between the lender and the borrower, wherein the latter is unable to pay off a portion of the loan.
If you’re unable to pay the entire amount, then in selective cases a loan settlement is offered based on your financial conditions. However, opting for a loan settlement may negatively affect your credit score and loan eligibility in the future.
The loan settlement process will have a huge impact on your credit score as it indicates that the account has been settled with a waiver.
When you settle a loan, Bajaj Finance reports this to the credit bureau resulting in lowering your credit score. It also impacts your future creditworthiness. This might affect your loan eligibility in the future, and you may not get loans in the future from any leading financial institutions.
Therefore, before you request a loan settlement, it’s essential to carefully consider the long-term impact on the credit score and future creditworthiness. It may be a good decision to consider other options to repay all the dues before settling the loan.
Once you contact the lender to discuss options for loan settlement and after verification, the final outstanding amount is decided. A loan settlement letter is generated, and you can then proceed with the payment. Once your payment is completed, you’ll receive the final settlement letter and the no dues certificate. After this, your lender updates the credit bureau that your loan has been settled and not closed.
Once your loan settlement is completed, you’ll receive a no dues certificate (NDC). In the NDC, it will be mentioned that you’ve opted for loan settlement to close your loan.
