Bank sent loan recovery notice — SARFAESI

What you need to know

Before seizing property under SARFAESI, bank must give 60-day written notice. You have right to reply, repay, or challenge in this period. Recovery agent harassment is illegal under RBI guidelines.

Your rights

60-day notice before any property seizure

Repay and stop SARFAESI proceedings within notice period

Challenge notice at Debt Recovery Tribunal

Police complaint against agent harassment

What you should do now

Action first

Do not ignore — reply within 60 days

Send written reply to bank's authorised officer
State your position: dispute the amount, or request repayment schedule
Missing 60 days means bank can proceed without further notice

Explore repayment or settlement

Contact bank to negotiate one-time settlement or EMI repayment plan
Get any settlement offer in writing before paying anything

If you dispute the amount or procedure

File application before Debt Recovery Tribunal (DRT)
DRT can stay action pending hearing

Acts applicable

SARFAESI Act 2002

central

Section 13(2) — 60-day notice mandatory before enforcement

RBI Guidelines

central

Fair Practices Code for Lenders

Where to complain

RBI Banking Ombudsman Debt Recovery Tribunal

Consumer complaint portal: e-jagriti.gov.in (replaced edaakhil.nic.in as of Jan 2025). Labour complaints: col.gujarat.gov.in. All links verified June 2026 via web search against official government sources.