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CSad condolences OP. Nov was when my father passed away too.
Came across the same situation. Been through the same road as you’re.These are the things that happened.
Dad took a loan for his business in Feb from the same Bajaj Finserv. Unstructured loan. Check if the loan has insurance on it. If yes, it can be used to close the loan with whatever it’s been. For my dad, bloody bajaj had some insurance for accident cover only, which made the insurance pointless. What made me fuming is that, the sum insured was very small for the loan amount taken.
Had 2 credit cards as well. All my friends and close acquaintances informed me to not respond to the collection guys and the bank as well.
Finally upon consulting a lawyer, We gave them the death certificate and they didn’t bother us. Though they did pay a visit to the house a number of times (We were clueless at that point as the credit card dues were too high for us to pay and didn’t have a legal support). After the advice given by my lawyer, we gave the death certificate with confidence and didn’t budge to their demand of payment for the min. Amount dues.For the business loan, the loan was taken in the name of my dad’s company( a proprietorship company). Not on my dad’s name. And because of the death obligations we had to go back to my native and meanwhile, the company’s bank account was continuing to get some transactions from the customers.
And the due date for the emi crossed (auto debit was turned on) and money got debited to the loan. Because of this, even the lawyer suggested that we pay some amount as the first month emi post my dad’s death had gone through to Bajaj and get the NOC. Fast forward 1 month, Ended up paying 1/6th of the loan amount in the presence of court and got the NOC. Took 2 months to get the NOC from them.
Mind you, for heaven’s sake, pay the amount to bajaj in the presence of court and not at their offices! These guys cunning than a wolf and sickest of the sick. First you pay some and they would demand you pay the remaining after a couple of months saying that the upper management didn’t give approval for the outstanding amount. This was informed to us by a person who had gone through the same situation where he paid 1/3 and yet they demanded the remaining. Even in my first sitting with my lawyer, he said the same.
Remember block the company’s bank account as the first priority if it’s a proprietorship company!! It saves so much of mental trouble.
Fast forward 5 months, credit card companies have not given me the NOC yet. They claim only if you’ve paid the entire outstanding they can give me noc. But they haven’t bothered me yet, but did confirm that my dad’s credit cards are marked as closed in the system. Just for precaution I mentioned this to my Lawyer. He said he’ll help us if they ever get back to us for collection or dues.
Hope this helps.. don’t worry OP. These are all unsecured loans, you have no obligation to pay them.
