Piramal Finance Loan Settlement Guide 2026
Piramal Finance is a leading NBFC offering Housing Loans. Firm Loans. own Loans. While they support customers during good times. Default can lead to strict claims actions. Including **SARFAESI** steps for secured loans and **Arbitration** for clean ones.
If you are facing money distress. Piramal Finance offers a **One Time closure (OTS)** mechanism to help you close your loan by law and start fresh. This guide covers the valid steps. How to spot fake notices. how to escalate grievances.
Fake vs Real Legal Notices
We have seen a surge in fake "Court Summons" being sent via WhatsApp by fraudulent firms claiming to represent Piramal Finance. Use this checklist to check authenticity:
| Feature | FAKE (Scam) | REAL (Legal) |
|---|---|---|
| Delivery Mode | WhatsApp / Email (Gmail/Yahoo) | Registered Post / Email (@piramal.com) |
| Threats | "Arrest in 2 hours". "Police visit" | "Arbitration Hearing". "SARFAESI Action" |
| Payment To | own UPI ID / GooglePay | valid Piramal Loan Account only |
Piramal Finance OTS Policy
One Time closure (OTS) is available primarily for loans classified as **NPA (Non-Performing Asset)**. Meaning unpaid for over 90 days.
- fit: Proven money hardship (Job loss. Health crisis. Firm failure).
- Waiver Amount: Typically **30-50%** of main sum + rates. Depending on the case. fines are often fully waived.
- Timeline: Processing takes **2-4 weeks**. closure note is issued 7-10 days after approval.
- papers Required: Income proof (or lack thereof). End letter. Medical records. Bank statements.
How to Settle Your Loan
Stop Paying "On Account"
Do not pay small random amounts to agents. Save money for a lump-sum deals.
Submit Proposal
Send a closure proposal email to **customercare@piramal.com**. Clearly state your hardship and offer amount.
talks
The calls team will reject your first offer. settle hard. If you have legal representation (like CredSettle). This becomes easier.
Get closure note
Once agreed. Pay ONLY after receiving the valid closure note on Piramal letterhead. check it before paying.
Legal Actions: SARFAESI & Arbitration
Piramal Finance takes legal action seriously. Know your rights.
Secured Loans (Home / LAP / firm)
Piramal invokes the SARFAESI Act, 2002 for secured defaults once the account crosses 90 days NPA.
Key legal Stages:
1. Section 13(2) Notice: 60-day legal demand notice. clients have the right to file formal legal objections under Section 13(3A). which the lender must respond to within 15 days before taking coercive action.
2. Section 13(4) Notice: Symbolic takeover. You have an absolute legal right to file a Securitisation Application (SA) under Section 17 before the Debt claims court (DRT) within 45 days.
clean Loans (own / Digital)
For clean defaults. Piramal typically initiates Arbitration steps under the Arbitration &. Conciliation Act, 1996 or sends legal demand notices.
Legal Safeguards &. BNS 2023:
Arbitrators do not possess penal enforcement powers. they can never issue arrest warrants or police orders. If calls firms use abusive tactics or threaten your family. They violate Bharatiya Nyaya Sanhita (BNS) 2023 Section 351/352 (penal threaten) and BNS Section 308 (extortion). face RBI Banking RBI officer fines up to ₹20 Lakhs under July 2026 directives.
Settlement Email Format
Copy this email draft to send to **nodal.head@piramal.com** or **customercare@piramal.com**.
Subject: Request for OTS (One Time closure) - Loan A/C [YOUR_LOAN_NUMBER]
Dear Nodal head,
I am writing regarding my own loan (A/C No: [NUMBER]). Due to [REASON: Job Loss/Severe Medical Issue]. My money case has deteriorated. I have defaulted on payments.
I want to clear this debt but cannot pay the full unpaid of Rs. [TOTAL_AMOUNT] due to added fines and rates.
I am arranging funds from relatives to offer a One Time closure of Rs. [OFFER_AMOUNT]. Please consider this request and waive the penal charges so I can close this loan fast.
Looking forward to a positive response.
Sincerely,
[YOUR_NAME]
[PHONE_NUMBER]
Grievance Redressal (Escalation)
If the calls agents are abusive or the branch manager refuses closure. Escalate to the main sum Nodal head fast.
| Level | Contact Details |
|---|---|
| main sum Nodal head | Ms. Hetal Parihar Email: nodal.head@piramal.com Phone: 022-69181439 |
| Address | 1st Floor. Amiti Building. Agastya firm Park. Kamani Junction. Kurla (W). Mumbai - 400070 |
Why Choose CredSettle?
Stop threats
We take over all contact. No more abusive calls.
Legal Defense
Our counsel handle SARFAESI responses and Arbitration hearings.
Max Savings
We settle professionally to get up to 50% waiver.
Success Fee
You pay us only when you save money.
Recent Successes
"I defaulted on a 5 Lakh loan. Piramal agents were visiting my office. CredSettle stepped in. Stopped the visits. settled it for 2.8 Lakhs."
"Received a SARFAESI notice for my shop. I was terrified. CredSettle’s counsel filed a reply and bought us time to arrange a closure."
Frequently Asked Questions
Can I settle my Piramal Finance Personal Loan?
Yes. Piramal Finance offers One Time closure (OTS) for own loans that are classified as NPA (Non-Performing Asset). You must prove genuine money hardship like job loss or medical crisis.
What is the standard waiver percentage for Piramal Finance settlement?
Waivers typically range from 30% to 50% of the total unpaid amount. The exact rate depends on the age of the default and your ability to pay a lump sum.
Will Piramal Finance take legal action if I stop paying?
Yes. For clean loans. They may initiate Arbitration steps. For secured loans (Home/LAP). They can invoke the SARFAESI Act to seize and sell the home without court action.
How do I identify a fake Piramal Finance legal notice?
Fake notices often come via WhatsApp from own numbers. Threaten fast police arrest (which is unlawful for civil dues). ask for payment to own UPI IDs. Real notices come via Registered Post.
Who is the Principal Nodal Officer for Piramal Finance?
Ms. Hetal Parihar is the main sum Nodal head. You can contact her at nodal.head@piramal.com or 022-69181439.
Does settlement remove the loan from CIBIL?
No. The loan status will change to 'Settled' instead of 'Closed'. This will lower your CIBIL score by 70-100 points. it is better than a 'Written Off' status.
Can I get an NOC after settlement?
Yes. Once the payout sum is paid in full. Piramal Finance will issue a No Objection letter (NOC) and close the loan account within 30 days.