Loan Recovery & Collection Policy

Loan Recovery & Collection Policy (NRB FINANCE)

Effective Date: 29/08/2024
Company: NRB FINANCE, Rajkot – Gujarat
Email: coustmercare@nrbfinance.in

Loan Recovery & Collection Policy

1. Objective

This policy outlines the fair practices and procedures to be followed by NRB FINANCE for recovering dues from borrowers in case of delay, default, or non-payment.

2. General Principles

  • NRB FINANCE shall adopt a lawful, transparent, and respectful approach in loan recovery.

  • Borrowers shall be treated with dignity and fairness during the collection process.

  • Recovery efforts will comply with all applicable laws and Money Lenders Act (Gujarat) provisions.

3. Repayment Reminder Process

  • Day 1 after Due Date – Borrower will receive SMS/Call reminder.

  • Day 2– Late penalty of ?500 shall be levied.

  • Day 7 – Written notice/email for overdue payment.

  • Day 30 – Formal default notice issued, with repayment timeline.

4. Modes of Recovery

  • Voluntary Repayment: Borrower can pay through cash, cheque, UPI, or bank transfer.

  • Field Visit: Authorized recovery agents may visit borrower’s address if dues remain unpaid beyond 30 days.

  • Collateral Enforcement: If loan was secured by gold/vehicle/documents, NRB FINANCE may invoke its right to liquidate or repossess the collateral after due notice.

  • Legal Action: For wilful default, NRB FINANCE may initiate civil/criminal proceedings in Rajkot court.

5. Recovery Agent Guidelines

  • Only authorized staff/agents with proper ID cards shall be deployed.

  • Agents must:

    • Avoid harassment, abusive language, or coercion.

    • Contact borrower only between 8 AM – 7 PM.

    • Respect borrower’s privacy and dignity.

  • Any misconduct by recovery agent can be reported to Grievance Officer (contact details provided separately).

6. Settlement Option

  • Borrower may apply for a Settlement Offer (as per separate T&C).

  • Settlement will be at the discretion of NRB FINANCE and will be marked as “Settled” in records, not “Closed in Full”.

7. Legal Rights of NRB FINANCE

  • Right to recover principal, interest, penalties, and legal costs.

  • Right to repossess collateral after due process.

  • Right to report defaults to authorized agencies, if applicable.

8. Dispute Resolution

Any dispute related to loan recovery shall be subject to the jurisdiction of Rajkot, Gujarat courts only.

 


The Applicant/Customer confirms that he/she has read and understood the terms and conditions of this Policy/Agreement. In case of any difficulty in understanding the contents, the Applicant/Customer shall immediately contact NRB FINANCE during the loan application process for necessary clarification. NRB FINANCE shall not be held liable for any misunderstanding if the Applicant/Customer fails to seek clarification before proceeding with the loan process.