If you are unable to repay your loan due to job loss, medical issues, or financial difficulties, you may be eligible for a loan settlement. Instead of falling deeper into debt or facing agent harassment, you can choose to settle your loan by negotiating directly with the bank or NBFC (Non-Banking Financial Company). With the help of a trusted expert like Loanifyr, the process becomes much easier.
Here is a simple guide on how to negotiate a loan settlement with banks or NBFCs:
Step 1: Evaluate Your Financial Condition
Before starting the negotiation, assess your income, expenses, and how much of the loan you can realistically pay. Banks are more likely to consider a settlement if you are in genuine financial trouble.
Step 2: Stop Communication with Recovery Agents
Avoid discussing your case with recovery agents. They are hired to recover the full amount and are not authorized to negotiate settlements. If you are facing agent harassment, contact Loanifyr — we handle the banks directly.
Step 3: Approach the Bank or NBFC Officially
Write a formal letter explaining your financial hardship. You can also submit medical bills, job termination letters, or other proofs that show why full repayment is not possible.
Step 4: Offer a Lump-Sum Settlement
Banks and NBFCs usually prefer a one-time payment. Offer to pay a reduced amount in a single payment. If they agree, request a written loan settlement agreement.
Step 5: Finalize Documents
Once the terms are agreed upon, ensure that everything is documented clearly. You should receive a written confirmation and, after payment, a No Dues Certificate.
At Loanifyr, we guide you through every step of this process — from assessing your case to negotiating the amount and getting the paperwork done right.
If you’re thinking about credit card debt settlement or personal loan settlement, avoid stress and mistakes. Let Loanifyr help you negotiate with confidence and close your debt legally.
Visit www.loanifyr.in and take the first step toward financial freedom.