In the finance industry, NPA accounts are a challenge for both lenders and borrowers. Lenders suffer as their money-generating assets stop performing and borrowers suffer due to legal actions against their hard-earned properties, taken by lenders to recover their loans.

Resolving the NPA account is crucial for both of the parties. But, specifically, the borrower must resolve the NPA account as fast as possible because the bank is trying to recover its money by selling collaterals. For this, the bank will take legal action under the SARFASI Act. First, they will take symbolic possession of the property and then take physical possession. After that, go for an auction of the acquired property. So, resolving the NPA will be a top-notch necessity for the borrower.

A lot of new-age NBFCs emerged in the last few years, that offer takeover of NPA accounts from banks and give relief to NPA holders.  These NBFCs offer a lot of benefits to borrowers as well as clean the bank’s balance sheet. NPA funding from these NBFCs provides the following benefits to the borrowers:

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