No Dues Certificate (NDC), also known as the No Objection Certificate is issued by lending institutions after the closure of a loan and comes in handy when establishing your credit profile. Previously, the process of securing an NDC was quite cumbersome. For instance, borrowers were required to forward a formal request in writing to avail an NDC, copy of the invoice, and other original documents. Typically, this entire process was quite lengthy.
However, with Bajaj Finserv Experia portal, individuals can check and download their Bajaj No Dues Certificates in a hassle-free manner. To streamline this process further, one should find out the steps to view and download it. Also, borrowers should know about the different ways in which their financial profile can be affected when the certificate is not collected.
What is No Dues Certificate?
The Bajaj No Dues Certificate is a legal document issued by the financial institution which declares that a particular borrower has paid off his/her loan to the financial institution in full. Securing an NDC signifies an end of a loan cycle.
Once the borrower repays the loan amount, he/she can initiate the steps of Bajaj NDC download and secure this vital document from the online customer portal quickly.
Steps to download NDC through Bajaj Finserv Experia portal
By following a few basic steps mentioned below, customers can download their NDC certification from the Experia web portal.
Step 1 – Open Bajaj Finserv Experia portal.
Step 2 – Log in to the portal by entering your Customer ID and password.
Step 3 – Those who do not have easy access to their password can also enter their registered mobile number and click on ‘Continue to Receive OTP’ to generate an OTP.
Step 4 – Next, enter the OTP sent on your registered mobile number for user verification.
Step 5 – Follow it by confirming your contact details.
Step 6 – Navigate to the bottom right of the page and click on ‘See Details’ option.
Step 7 – Once redirected to a new page, click on ‘No Dues Certificate’ to view the document.
Step 8 – To complete this process, find the ‘Bajaj Experia NDC Download’ option.
Alternatively, individuals can also access the Bajaj Finserv Experia App to complete a simplified download of the certificate.
It must be noted that individuals also carry an option to get their NDC forwarded to their email ID.
However, for housing loans availed against the registered property, individuals are required to accompany a concerned representative of the financial institution to the registrar of properties’ office. Subsequently, they are required to receive a release from the lien before they proceed to collect the NDC or NOC.
Also, in the case of car loans, financial institutions generally issue Form 35 or RTO form in addition to an NDC. Individuals are required to submit the same to both the car insurance company and the regional transport office.
As for the utility of the online portal Experia, individuals can also track other essential details like payments and financial statements with the portal’s help. It also provides access to tailored pre-approved offers on financial products that simplify the process of availing loans. You can check your pre-approved offer within a few seconds by sharing your name and contact details.
While at it, customers must find out about the impact of not collecting their No Dues Certificate so that they can account for it and prevent the impact successfully.
Impact of not collecting the NDC
Generally, these are some implications of not collecting NDC certificates from Bajaj Finserv or any other concerned financial institution.
- Hampers credit score
CollectingBajaj No Dues Certificate is essential to maintain a healthy credit score as such a certificate serves as a proof of timely repayment. Not collecting the same often becomes a burden when it comes to securing approval for subsequent loans.
- May lead to additional financial losses
Individuals who do not collect their NOC may often struggle to prove that they have repaid their dues. As a result, they may be directed to pay outstanding dues under extreme circumstances.
- Can give rise to legal implications
When borrowers fail to prove loan repayment, they may find themselves amidst legal proceedings. It is thus best to secure the certificate at the earliest to avoid such hassles.
Lastly, it can be said that with the steps of availing the Bajaj No Dues Certificate being simplified via an online customer portal, one can access the same quite easily. Also, the same comes in handy to resolve any financial discrepancy and legal repercussions related to non-repayment of a loan.