A large numbers of Vehicle loans have been provided by Banking & NBFCs Company to their customers after fulfilling all terms and condition according to their policies. In that loan process few customers provide fake documents regarding himself, address and other documents etc. Loan defaulters who once able to hide their current status by changing address and cities may find this strategy less effective these days. Banks/NBFCs not have that much time and man power to recover these default assets by itself. So, it is getting difficult to trace out these defaulters by Banks /NBFC’s. Therefore, Banks have to take help of these collection agencies for their loan recovery.
We arrange a data of default assets by collecting lists of defaulter from Bank/NBFCs and trace them with the help of collection teams at different locations. We trace the vehicles and inform to Bank about that so that bank can take legal action against those defaulters as per \ agreement done between them. It is agreed By (Bank/NBFC’s) and Between (Collection Agencies) parties that the said agreement is valid only for tracing the vehicle and inform to banks. These collection services will be chargeable and same is charged from Bank/NBFCs as per rate mentioned in agreement.
To provide fast and better service to Bank/NBFCs and to fastly trace the default vehicle an Android Application with the name of “Rundla Associates” has been launched by our Company. In this application an updated list of defaulters which is provided by Bank/NBFCs monthly or weekly will be updated in this application time to time basis. Through this application our collection team can easily trace that vehicle and inform the same to banking team so they can take a legal action or any other action against that may be required against those defaulters.