Sample Format: SARFAESI 60-Day Demand Notice

 Sample Format: SARFAESI 60-Day Demand Notice

[Bank’s Letterhead]
Registered Post with Acknowledgment Due

Date: [DD/MM/YYYY]

To,
Mr./Ms. [Borrower's Name]
[Borrower’s Address]

Subject: Demand Notice under Section 13(2) of the SARFAESI Act, 2002

Dear Sir/Madam,

1. You have availed of credit facilities from [Bank Name], which are secured by the following assets:

   • [Description of secured property: immovable/movable asset]

2. As per our records, your loan account bearing number [Account No.] has been classified as Non-Performing Asset (NPA) as of [Date] due to non-payment of dues.

3. The total outstanding as on [Date] is ₹[Amount], comprising:

   • Principal: ₹[…]

   • Interest: ₹[…]

   • Other charges: ₹[…]

4. Under Section 13(2) of the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002, you are hereby called upon to pay the entire amount due within 60 days from the date of this notice, failing which the Bank shall take further action under Section 13(4), including:

   • Taking possession of secured assets

   • Sale or lease of assets

   • Taking over management of your business (if applicable)

5. Please note that in case of failure to repay the dues, the Bank will proceed to enforce the security interest without any further notice or reference.

Yours faithfully,

[Authorized Officer's Name]
Authorized Officer,
[Bank Name & Branch]

Enclosures:

• Loan Statement

• Details of secured asset

• Copy of loan agreement