How to Get Your NOC &
No Dues Certificate After Settlement

To,
The Principal Nodal Officer / Head of Retail Loan Operations,
[Bank / NBFC Name],
[Zonal Office Address / Corporate Headquarters],
Email: [nodalofficer@bankname.com]

Subject: STATUTORY DEMAND FOR IMMEDIATE ISSUANCE OF UNCONDITIONAL NO DUES CERTIFICATE (NDC) & RELEASE OF SECURITY FOR LOAN ACCOUNT NO: [Insert Loan A/C No.] UNDER RBI DIRECTIVE RBI/2023-24/60 & SECTION 63 OF THE INDIAN CONTRACT ACT, 1872

Respected Sir/Madam,

I, [Borrower Full Name], residing at [Borrower Full Address], holding PAN: [Insert PAN] and Aadhaar: [Insert Aadhaar], was the borrower for the captioned Loan Facility [Account No: XXXXXXXX] sanctioned by your esteemed institution.

1. That pursuant to financial difficulties, your institution and the undersigned entered into a formal One-Time Settlement (OTS) under Sanction Letter Ref No: [Insert OTS Letter Ref No.] dated [DD/MM/YYYY], agreeing upon a full and final settlement consideration of ₹[Amount Paid].
2. That in absolute compliance with the terms and validity of the said OTS Sanction Letter, the undersigned remitted the total agreed settlement sum of ₹[Amount Paid] via [RTGS / NEFT / Demand Draft] under UTR / Reference No: [Insert UTR No.] on [DD/MM/YYYY], which was duly acknowledged and realized in your bank's collection ledger.
3. That by virtue of the realization of the agreed settlement consideration, the original loan agreement stands fully discharged by operation of law under Section 63 of the Indian Contract Act, 1872, and the doctrine of promissory estoppel strictly prohibits your institution from raising any further claims.
4. That despite the lapse of [Number of Days] calendar days from the date of realization, your institution has failed to issue the physical/electronic unconditional No Dues Certificate (NDC) and failed to update the credit information with TransUnion CIBIL, Experian, Equifax, and CRIF High Mark.
5. That this inexcusable failure constitutes a direct statutory breach of:
   a) RBI Master Direction RBI/2023-24/60 (mandating issuance of NDC and release of documents within 30 days, failing which compensation of ₹5,000 per day is statutorily payable).
   b) Section 21 of the Credit Information Companies (Regulation) Act, 2005 (CICRA).
   c) RBI Compensation Framework Circular RBI/2023-24/72 (mandating ₹100/day compensation for delayed credit bureau rectification).

DEMAND:
You are hereby called upon to:
i) Issue and dispatch the physical/digitally signed unconditional No Dues Certificate (NDC) with ₹0 balance within 7 (seven) days of receipt of this notice.
ii) Immediately transmit the revised data tape to all four Credit Information Companies reflecting the account as SETTLED / CLOSED with zero overdue.
iii) Cancel and destroy all remaining NACH mandates, ECS instructions, and post-dated cheques.

Take notice that if you fail to comply within the stipulated 7 days, the undersigned shall escalate the matter to the RBI Integrated Ombudsman (cms.rbi.org.in) claiming the accrued statutory delay compensation of ₹5,000/day and ₹100/day, alongside filing for damages before the appropriate Consumer Disputes Redressal Commission for mental agony and financial injury.

Yours sincerely,

___________________________
[Signature]
[Borrower Name]
[Mobile Number]
[Email Address]
Date: [DD/MM/YYYY]
Place: [City, State]