Loan Transfer & Assignment Policy

Loan Transfer & Assignment Policy (NRB FINANCE)

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

Loan Transfer & Assignment Policy

1. Objective

This policy defines the terms under which a loan availed from NRB FINANCE may be transferred, assigned, or novated either by the borrower or by NRB FINANCE.

2. Borrower’s Loan Transfer

  • A borrower cannot transfer or assign their loan to any third party without prior written approval from NRB FINANCE.

  • In case of death of the borrower, legal heirs/nominee may apply for transfer of liability, subject to:

    • Submission of legal documents (death certificate, succession certificate, etc.)

    • Acceptance by NRB FINANCE after verification.

3. Assignment by NRB FINANCE

  • NRB FINANCE reserves the right to assign, sell, or transfer its loan portfolio (fully or partly) to:

    • Another registered lender, bank, or financial institution.

    • An asset reconstruction company (ARC) or collection agency, as per law.

  • Borrower will be informed in writing if their loan is assigned/transferred to another entity.

  • All terms & conditions of the loan agreement shall continue to remain binding on the borrower even after such transfer.

4. Rights & Obligations

  • After transfer/assignment, borrower must make all repayments directly to the new lender/assignee as per communication.

  • Borrower’s rights and obligations under the loan agreement remain the same unless specifically modified in writing.

5. Confidentiality & Data Sharing

  • For any transfer/assignment, borrower’s KYC, loan agreement, and repayment data may be shared with the new entity, subject to privacy and data protection norms.

6. Dispute Resolution

Any disputes arising out of loan transfer or assignment 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.