NBFC'S
What are NBFCs?
Non-Banking Financial Companies (NBFCs) are financial institutions that provide a wide range of banking services, but they do not hold a banking license. These companies offer various financial services such as loans, asset management, insurance, and investment products. While they are similar to banks, NBFCs have some differences, primarily in the fact that they cannot accept demand deposits (savings/checking accounts).
NBFCs play a critical role in the financial ecosystem, especially in India, where they provide access to credit for individuals and businesses, particularly in areas where traditional banking services are less accessible.
How NBFCs Work
NBFCs operate in a manner similar to banks, but with fewer regulatory constraints. They focus primarily on providing financial products such as:
Unlike banks, NBFCs have a more relaxed regulatory framework but are still regulated by the Reserve Bank of India (RBI) or similar regulatory bodies in other countries.
The NBFC Loan Settlement Process
Financial Assessment
We begin by understanding your current loan situation—total outstanding amount, payment history, and your ability to repay. This helps us devise the most effective settlement plan for you.
Negotiation with NBFC
Our expert negotiators engage directly with the NBFC to reduce your outstanding loan balance. We advocate for a settlement amount that works in your favor, allowing you to close the loan at a lower cost
Harassment Prevention
If you're being harassed by collection agents, we step in to stop all collection activities and ensure no further harassment. Our legal team ensures your rights are protected throughout the settlement process.
Settlement Agreement
Once we finalize the terms with the NBFC, we prepare a legally binding settlement agreement that ensures the closure of the loan and provides protection from any future claims.
Loan Closure & Documentation
Upon payment of the agreed settlement amount, we ensure that you receive a No Dues Certificate (NOC) from the NBFC and any other necessary documentation to officially close the loan.
CIBIL Score Recovery
After the loan is closed, we help you take the necessary steps to rebuild your CIBIL score, improving your chances of securing favorable financial products in the future.