Navigating Kisetsu Saison and Privo Loan Settlement
Are you feeling the overwhelming pressure of unpaid dues with Kisetsu Saison Finance (India) Pvt. Ltd., also widely known as Credit Saison India? Or are you struggling with a loan from their popular instant loan app, Privo? You are not alone. In the volatile landscape of modern economics, job insecurities, medical emergencies, or unforeseen business losses can derail even the most disciplined financial plans. Suddenly, the phone starts ringing incessantly with demands for payment, turning your daily life into a source of constant stress.
Whether it is a Privo app loan or a direct business loan from Credit Saison, being in debt is a civil matter, not a criminal one. You have rights, and there are structured, legal pathways to resolve this situation. One effective route is Loan Settlement, often referred to as One Time Settlement (OTS). This process is a legitimate way to exit a debt trap when you genuinely cannot afford to pay the full amount.
Kisetsu Saison Finance is a technology-led neo-lending conglomerate. While they employ robust digital collection strategies, they also understand that recovering a partial amount is preferable to a total write-off (Non-Performing Asset). This pragmatic approach opens the door for negotiation.
In this comprehensive guide, CredSettle provides you with a roadmap. We will explain how the settlement process works specifically with Kisetsu Saison Finance and Privo, how to download your NOC (No Objection Certificate), how to engage with their specific grievance officers like Mr. Emaad Khan, and how you can potentially reduce your debt burden by up to 50% legally and ethically.
CredSettle's Commitment
Your financial dignity matters. We specialize in intervening between you and lenders like Kisetsu Saison Finance to stop harassment and negotiate a fair settlement. Let us handle the legal complexities while you focus on rebuilding your life.
Understanding the One Time Settlement (OTS) Mechanism
The One Time Settlement (OTS) is not a "loophole" but a formal banking provision established to clean up bad loans. When a borrower defaults for an extended period—typically over 90 days—the loan is classified as a Non-Performing Asset (NPA). At this stage, the lender's priority shifts from "earning profit" to "minimizing loss."
Here is why Kisetsu Saison Finance might agree to a settlement:
- Provisioning Costs: Holding a bad loan on their books requires the lender to set aside capital (provisions) mandated by the RBI, which locks up their funds.
- Legal Expenses: Filing cases for recovery is time-consuming and expensive, with no guarantee of full recovery.
- Operational Drain: Chasing a defaulter requires manpower and resources. A settlement provides an immediate exit.
In an OTS, you agree to pay a lump sum amount (Settlement Amount) which is lower than your total outstanding. In exchange, the lender waives the remaining principal, interest, and penalties, and marks the account as settled.
The "Sacrifice" Calculation
Lenders calculate a "sacrifice" amount—the money they are willing to forego to close the account today. Negotiations revolve around maximizing this sacrifice. Factors influencing this include the age of the NPA (older NPAs often get better deals) and the strength of your hardship verification.
Who is Eligible for Settlement?
Settlement is not an entitlement; it is a negotiation. Kisetsu Saison Finance will scrutinize your request to ensure you are not a "Willful Defaulter" (someone who has money but refuses to pay). To successfully settle, you must demonstrate genuine financial hardship.
Unsecured Loans
Settlement is primarily for unsecured debt like Privo App Personal Loans and Credit Saison Business Loans. Secured loans are rarely settled as the lender can seize the asset.
NPA Status
Typically, serious negotiations begin after the account hits the 90-day overdue mark (NPA status). Pre-NPA settlements are exceptionally rare.
Valid Grounds for Hardship
Loss of Employment
A sudden job loss or layoff is one of the most accepted reasons. Providing a termination letter strengthens your case significantly.
Medical Crisis
Severe illness for yourself or a dependent that has depleted your savings is a compassionate ground for settlement.
Business Insolvency
For self-employed individuals, proof of business closure or severe revenue loss (via GST returns or bank statements) is critical.
Step-by-Step Settlement Process
Approaching a settlement without a plan can lead to rejection or a poor deal. Here is the structured approach CredSettle utilizes for Kisetsu Saison Finance cases:
Assessment & Anti-Harassment
We start by analyzing your loan documents to identify the actual principal versus inflated charges. Simultaneously, we take over communication with recovery agents to ensure you are not subjected to illegal harassment.
Proposal Submission
We draft a formal settlement proposal detailing your hardship. This is submitted to the authorized officer at Kisetsu Saison Finance (often via grievance@creditsaison-in.com). We never start with the highest amount you can pay; we start low to leave room for negotiation.
The Negotiation Phase
The lender will counter-offer, usually demanding 80-90% of the dues. Our legal experts engage in multiple rounds of discussion, citing RBI guidelines and your financial reality, to bring this figure down to a realistic 30-50% range.
Settlement Authorization
Success! The lender agrees to a figure. We ensure this is documented in an official Settlement Letter. This letter must clearly state the settlement amount, the due date, and the promise to close the loan upon payment.
Closure and NOC Download
You make the payment directly to your loan account. Within 15-20 days, the bank issues a No Dues Certificate (NOC). While there isn't a direct "one-click download" for everyone, CredSettle ensures this is emailed to you directly from their official domain (@creditsaison-in.com).
Handling Collection Tactics & Complaints
Kisetsu Saison Finance employs tech-driven collection strategies. You might receive automated calls, WhatsApp messages, and emails. Understanding your rights is your shield.
Know Your Rights (RBI Guidelines)
- Time Restrictions: Agents can only call between 8:00 AM and 7:00 PM.
- Privacy: They cannot inform your neighbors or relatives about your debt.
- Professionalism: Abusive language or physical threats are strictly prohibited.
- Identity: Every agent must carry an authorization letter.
If you face harassment, you can escalate the matter to their Grievance Redressal Officer, Mr. Emaad Khan, at emaad.khan@creditsaison-in.com or call +91 9962003070. If that fails, CredSettle can help you file a complaint with the RBI Ombudsman.
Legal Implications: Arbitration & Section 25
NBFCs often utilize the Payment and Settlement Systems Act, 2007 (Section 25) for dishonored electronic mandates (NACH/ECS), similar to Section 138 for cheques.
Arbitration
Your loan agreement likely includes an arbitration clause. The lender may unilaterally appoint an arbitrator. Ignoring arbitration notices can lead to an ex-parte award against you.
Strategy: We represent you in these proceedings to challenge the appointment or the claim, forcing the lender to come to the settlement table.
Legal Notices
Receiving a legal notice can be scary, but it is often a pressure tactic. Most notices are invitations to pay. However, they must be responded to professionally to avoid escalation.
Documents Checklist
Being prepared accelerates the process. Keep these ready:
- Loan Account Number & details (Privo App screenshots work too).
- Copies of overdue notices sent by the lender.
- Bank statements showing financial crunch.
- Income proof (Salary slips/ITR) to prove reduced capacity.
- Identity Proof (Aadhar/PAN).
- Specific hardship evidence (Medical bills, Job termination letter).
Impact on CIBIL Score
Transparency is key. A settlement will lower your credit score. Your report will reflect a "Settled" status for about 7 years. This indicates you paid less than the owed amount.
Is it worth it?
Absolutely, if the alternative is indefinite financial distress. A "Settled" status stops the monthly bleeding of your score caused by "Late Payment" or "Write Off" tags. Once settled, you can start rebuilding. CredSettle offers a post-settlement credit building program to help you navigate back to a 750+ score over time.
User Experiences
"I had a Privo loan that I couldn't pay after my shop closed. CredSettle stopped the constant calls and closed the specific loan for 45% of the value."
"The legal team dealt with the arbitration notice I received. I didn't have to go to court. Highly relieved."
Frequently Asked Questions
What is Kisetsu Saison Finance Settlement?
Kisetsu Saison Finance settlement, or OTS (One Time Settlement), is a mutual agreement where you pay a reduced lump sum amount to close your loan account effectively. This option is typically available for borrowers who are unable to repay their full dues because of genuine financial hardship.
Will settling my loan affect my CIBIL score?
Yes, opting for a settlement will negatively impact your credit score. Your account will be marked as 'Settled' rather than 'Closed', which indicates to future lenders that the full amount was not repaid. However, this is often a necessary step to become debt-free and stop mounting interest.
Can I settle my loan if legal action has already started?
Yes, settlement is possible even during legal proceedings. In fact, many cases under Section 138 or arbitration are resolved through settlement agreements. It is advisable to have legal representation to ensure the terms are favorable and the legal cases are withdrawn concurrently.
How much discount can I expect on my outstanding dues?
The discount varies based on several factors including the age of the default, your financial situation, and the bank's policies. Typically, waivers range from 30% to 50% or more on the total outstanding, primarily targeting the removal of penal interest and other charges.
How long does the settlement process take?
The entire process, from initial analysis to receiving the settlement letter, usually takes between 2 to 4 weeks. This timeline can vary depending on the complexity of the case and the speed of negotiations.
What documents do I need for settlement?
You will primarily need your KYC documents, recent loan statements, and proof of financial hardship (like a termination letter, medical records, or bank statements showing low funds). These help in building a strong case for a waiver.
Are there any hidden costs in hiring a settlement expert?
Transparent firms like CredSettle have a clear fee structure usually based on success or a percentage of savings. Always clarify the fees upfront. Direct dealing with the bank has no 'fee' but often results in a higher settlement amount due to lack of negotiation leverage.
What is a 'No Dues Certificate'?
A 'No Dues Certificate' (NDC) is a formal document issued by the lender after you have paid the agreed settlement amount. It serves as proof that the loan is fully closed and the lender has no further claims against you. Never consider a settlement complete without this document.
How can I download the Kisetsu Saison Finance NOC?
You generally cannot download the NOC directly from a public link. After settlement is paid, the NOC is emailed to your registered email address from support@creditsaison-in.com or mailed to your registered address. Ensure you follow up with their support team if it is delayed.
What is the Privo Customer Care Number for settlement?
The customer care number for Privo (Credit Saison) is 1800-1038-961. However, for settlement discussions, it is more effective to email their grievance officer at grievance@creditsaison-in.com to create a paper trail of your request.
Are there complaints against Kisetsu Saison Finance?
Yes, like many lenders, there are consumer complaints regarding loan settlement delays and recovery agent behavior. If you face issues, you can file a complaint on the RBI Ombudsman portal or use a service like CredSettle to handle the grievance for you legally.