SFPL

Recovery Loan

Recovery is the backbone of any financial system.

In finance the term recovery refers to collection of amount due. The normally recovery depends on the purpose, time and condition, business running process etc. Normally loan amount will be recovered on installment basis. Installment fixes on salaried person on a monthly basis.

A recovery agency pursues customers and businesses that owe payments to banks. Most of these recovery agencies act as agents in collecting the dues of customers for a fee or a percentage of the total money owed. These are generally third party agencies as they are not part of the original contract.

Banks have already implemented PMJDY and other financial inclusion services through Business Correspondents PAN India. Sub Service Area (SSA) is a cluster of few villages and is linked to one base branch of the Bank.

Now, Punjab National Bank has initiated the process of recovery through BC Agents. Our Company has been empanelled as Corporate Business Correspondent for the purpose of deploying BC Agent/Bank Mitra in the field to recover outstanding dues in various types of loans allocated to us.