What is the minimum amount under the SARFAESI Act?

Question

Accepted Answer

The minimum amount under SARFAESI Act is Rs. 1 lakh.

SARFAESI Act allows banks to recover their non-performing assets without the intervention of the court.
The minimum amount for the application of SARFAESI Act is Rs. 1 lakh.
The Act applies to secured loans of Rs. 1 lakh and above.
The Act does not apply to unsecured loans or loans below Rs. 1 lakh.
The Act provides for the sale of the secured assets without the intervention of the court.

Accepted Answer

Minimum amount Rs 25 lakh

Accepted Answer

Whenever a person does not pay the loan EMI, the bank has the right to take possession of his mortgaged property under the SARFAESI Act without any court intervention.

Accepted Answer

Any NBFC is eligible to enforce the security interest under the SARFAESI Act, 2002 on debts that amounts to a minimum of Rs. 25 lacs.

Asked in Tirumala Milk Products

What is the minimum amount under the SARFAESI Act?

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