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Hello, this is Maran from Chennai. I would like to know the loan amount limit under the SARFAESI Act for NBFCs.
Under the SARFAESI Act, 2002, NBFCs can invoke SARFAESI provisions only if they are notified by the Central Government and the secured loan amount is ₹20 lakh or more. The borrower must be in default, and the account must be classified as an NPA. For loans below ₹20 lakhs, SARFAESI cannot be used. For further legal assistance contact us on our helpline number.