What happens next if my personal loan account becomes NPA?
My personal loan account is now NPA. What will happen next?
As per section 13 (2) of the SARFAESI Act the lender (Bank) will send you a Demand Notice for the demand along with the time period within which you have to pay the amount as given in the Demand Notice and if not paid they will take action to recover the money of NPA .
If your personal loan account is marked as NPA (Non-Performing Asset), the lender will start efforts to recover the unpaid amount. This might include sending you notices, reaching out directly, using debt collection agencies, and even taking legal action to seize assets if you do not repay on time. For further legal assistance contact us on our helpline number.
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