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Pre arbitration notice from Bajaj fin serv for personal loan


25-Jan-2025 (In Property Law)
Dear Sir/Madam, I have received pre-arbitration notice from Bajaj finance to pay entire personal loan outstanding amount of Rs.296,000 currently I don't have that much of amount to pay.Kindly advice to proceed further,thanks.
Answers (2)

Answer #1
119 votes

A pre-arbitration notice from Bajaj Finserv is essentially a warning that the lender plans to escalate a loan dispute to arbitration if it's not resolved beforehand. It usually mentions the loan details, outstanding dues, and reasons for the dispute, while giving the borrower a chance to respond or settle the matter amicably before formal proceedings begin.

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Advocate Siddhant Sharma

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Answer #2
946 votes
You haven't said how much is overdue. It is better to meet the financier's officials concerned, explain your constraints, pay the arrears, with a promise to regularise your loan account. Seek time for payment of arrears, if not possible immediately.
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Advocate Swaminathan Neelakantan

Adv. Swaminathan Neelakantan

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