Terms & Conditions

Terms & Conditions

Vehicle repossession agency terms and conditions center on the lender's right to seize collateral for loan default, requiring fair, transparent processes like pre-repossession notice, agent identification, peaceful repossession (often within business hours), inventory of seized items, and a final chance for the borrower to repay before the vehicle's sale, all while following strict regulatory guidelines (RBI for India) for customer rights, grievance redressal, and documented procedures, including potential court intervention for disputes

Key Clauses & Requirements

Notice Period: Lenders must provide a clear notice period before taking possession, which can sometimes be waived under specific conditions. Agent Conduct: Agents must follow a code of conduct, be trained (like IBA standards), carry bank/agency ID, and disclose their identity to the borrower.

Time of Repossession

Usually between 8 AM and 7 PM, but exceptions for customers avoiding contact require approval and documentation. Peaceful Possession: The process must be peaceful and adhere to due process, avoiding breach of peace.

Inventory & Care

Agents take an inventory, keep the customer informed, and take reasonable care of the vehicle.

Final Opportunity

A final chance to repay the dues before the vehicle is sold/auctioned must be given

Grievance Redressal

Banks must have a clear process to investigate complaints about agent misconduct

Transparency & Documentation

All actions, especially those beyond standard hours or involving exceptions, must be recorded and follow the law.

Borrower Rights & Lender Obligations (RBI Guidelines/Model Policies) Fair Treatment: Aim to recover dues, not deprive borrowers; act in a fair and transparent manner.

No Court Intervention (Preferable): Lenders are encouraged to use legal remedies without court intervention if possible, following SARFAESI provisions (India).

Disclosure

Details of the recovery agency should be disclosed. Recording Calls: Tape recordings of agent-customer calls (with prior intimation) are suggested.

Contractual Clauses

Loan agreements must contain these clauses, including procedures for repossession and sale

Contact Us

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