Settlement Offer Terms & Conditions

Settlement Offer Terms & Conditions (NRB FINANCE)

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

1. Definition

A “Settlement Offer” refers to an arrangement where NRB FINANCE agrees to accept a reduced/lump-sum amount from the borrower in full and final settlement of outstanding dues.

2. Eligibility

  • Settlement offers are applicable only to borrowers who have overdue/default accounts.

  • The decision to extend a settlement offer rests solely with NRB FINANCE.

3. Approval Process

  • Settlement is subject to written approval from NRB FINANCE’s authorized officer.

  • No verbal commitments shall be treated as valid settlement offers.

4. Payment Timeline

  • Borrower must pay the agreed settlement amount within the stipulated period (generally 7–30 days from offer date).

  • Delay or part-payment beyond deadline will render the settlement offer void.

5. Mode of Payment

  • Settlement amount must be paid through Bank Transfer / UPI / Cheque / Cash deposit at branch.

  • Wallet balance or coupons cannot be used for settlement payments.

6. Legal Effect

  • Upon successful settlement, NRB FINANCE will issue a Settlement Letter / No Dues Certificate.

  • Borrower acknowledges that post-settlement, no further claims shall be raised regarding waived interest/penalties.

7. Credit Record Impact

  • Settlement of loan may be reported as “Settled” or “Closed with Settlement” in credit bureau records (if applicable).

  • Borrower understands that this may impact future borrowings.

8. Non-Compliance

  • If borrower fails to honor the settlement terms, NRB FINANCE reserves the right to:

    • Cancel the settlement offer

    • Reinstate the original outstanding loan amount with penalties

    • Initiate legal recovery proceedings

9. Final Authority

  • All decisions regarding settlement offers shall rest solely with NRB FINANCE.

  • Disputes, if any, shall fall under the jurisdiction of Rajkot, Gujarat.

 

 


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.