Piramal Finance Loan Settlement Guide 2026
Piramal Finance is a leading NBFC offering Housing Loans, Business Loans, and Personal Loans. While they support customers during good times, default can lead to strict recovery actions, including **SARFAESI** proceedings for secured loans and **Arbitration** for unsecured ones.
If you are facing financial distress, Piramal Finance offers a **One Time Settlement (OTS)** mechanism to help you close your loan legally and start fresh. This guide covers the official settlement process, how to spot fake notices, and how to escalate grievances.
Fake vs Real Legal Notices
We have seen a surge in fake "Court Summons" being sent via WhatsApp by fraudulent agencies claiming to represent Piramal Finance. Use this checklist to verify 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 | Personal UPI ID / GooglePay | Official Piramal Loan Account only |
Piramal Finance OTS Policy
One Time Settlement (OTS) is available primarily for loans classified as **NPA (Non-Performing Asset)**, meaning unpaid for over 90 days.
- Eligibility: Proven financial hardship (Job loss, Health crisis, Business failure).
- Waiver Amount: Typically **30-50%** of principal + interest, depending on the case. Penalties are often fully waived.
- Timeline: Processing takes **2-4 weeks**. Settlement letter is issued 7-10 days after approval.
- Documents Required: Income proof (or lack thereof), termination 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 settlement offer.
Submit Proposal
Send a settlement proposal email to **customercare@piramal.com**. Clearly state your hardship and offer amount.
Negotiation
The collection team will reject your first offer. Negotiate hard. If you have legal representation (like CredSettle), this becomes easier.
Get Settlement Letter
Once agreed, pay ONLY after receiving the official settlement letter on Piramal letterhead. Verify it before paying.
Legal Actions: SARFAESI & Arbitration
Piramal Finance takes legal action seriously. Know your rights.
Secured Loans (Home/LAP)
Piramal uses the **SARFAESI Act, 2002**. This allows them to seize your property **without going to court** if loan is NPA.
Defense: You can file an appeal in the DRT (Debt Recovery Tribunal) within 45 days of receiving the possession notice.
Unsecured Loans (Personal)
They use **Arbitration** proceedings. An arbitrator is appointed to pass an award against you for the full amount.
Defense: Attend the arbitration (online/offline). Submit hardship proofs. An arbitrator cannot jail you, only order repayment.
Settlement Email Format
Copy this email draft to send to **nodal.officer@piramal.com** or **customercare@piramal.com**.
Subject: Request for OTS (One Time Settlement) - Loan A/C [YOUR_LOAN_NUMBER]
Dear Nodal Officer,
I am writing regarding my personal loan (A/C No: [NUMBER]). Due to [REASON: Job Loss/Severe Medical Issue], my financial situation has deteriorated, and I have defaulted on payments.
I want to clear this debt but cannot pay the full outstanding of Rs. [TOTAL_AMOUNT] due to added penalties and interest.
I am arranging funds from relatives to offer a One Time Settlement of Rs. [OFFER_AMOUNT]. Please consider this request and waive the penal charges so I can close this loan immediately.
Looking forward to a positive response.
Sincerely,
[YOUR_NAME]
[PHONE_NUMBER]
Grievance Redressal (Escalation)
If the collection agents are abusive or the branch manager refuses settlement, escalate to the Principal Nodal Officer immediately.
| Level | Contact Details |
|---|---|
| Principal Nodal Officer | Ms. Hetal Parihar Email: nodal.officer@piramal.com Phone: 022-69181439 |
| Address | 1st Floor, Amiti Building, Agastya Corporate Park, Kamani Junction, Kurla (W), Mumbai - 400070 |
Why Choose CredSettle?
Stop Harassment
We take over all communication. No more abusive calls.
Legal Defense
Our lawyers handle SARFAESI responses and Arbitration hearings.
Max Savings
We negotiate professionally to get up to 50% waiver.
Success Fee
You pay us only when you save money.
Recent Successes
"I defautled on a 5 Lakh loan. Piramal agents were visiting my office. CredSettle stepped in, stopped the visits, and settled it for 2.8 Lakhs."
"Received a SARFAESI notice for my shop. I was terrified. CredSettle's lawyer filed a reply and bought us time to arrange a settlement."
Frequently Asked Questions
Can I settle my Piramal Finance Personal Loan?
Yes, Piramal Finance offers One Time Settlement (OTS) for personal loans that are classified as NPA (Non-Performing Asset). You must prove genuine financial 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 outstanding amount. The exact percentage 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 unsecured loans, they may initiate Arbitration proceedings. For secured loans (Home/LAP), they can invoke the SARFAESI Act to seize and sell the property without court intervention.
How do I identify a fake Piramal Finance legal notice?
Fake notices often come via WhatsApp from personal numbers, threaten immediate police arrest (which is illegal for civil dues), and ask for payment to personal UPI IDs. Real notices come via Registered Post.
Who is the Principal Nodal Officer for Piramal Finance?
Ms. Hetal Parihar is the Principal Nodal Officer. You can contact her at nodal.officer@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, but it is better than a 'Written Off' status.
Can I get an NOC after settlement?
Yes, once the settlement amount is paid in full, Piramal Finance will issue a No Objection Certificate (NOC) and close the loan account within 30 days.