Loan Recovery from Defaulters in Karachi

The Credit Department in Karachi is undertaking a loan recovery initiative targeting defaulters. This procurement focuses on recovering outstanding loans from individuals and entities who have failed to meet their repayment obligations. The department is seeking experienced service providers capable of managing and executing recovery operations effectively within the Karachi region. The scope involves handling various types of loan defaults, including those secured by different types of collateral such as chains, chooris, rings, and lockets as indicated by the defaulters' assets. The service provider must be adept at negotiating, legal follow-ups, and possibly asset liquidation to recover dues. This is a specialized service requiring familiarity with local laws and financial recovery procedures. Eligible bidders should have a proven track record in financial recovery services, preferably with experience in handling similar cases in Sindh. Registration with FBR and inclusion on the Active Taxpayers List (ATL) is mandatory. While no specific PEC category applies, firms must demonstrate relevant expertise and compliance with all regulatory requirements. Although the exact publication date is not provided, interested parties must submit their bids by the deadline of 14th June 2024 at 23:59:59. Submissions should be directed to the Credit Department office located at 9th Commercial Lane, Zamzama Boulevard, Phase 5, DHA, Karachi. For inquiries, bidders can contact the department at 021-111-003-737. A practical tip for bidders is to ensure that all documentation, including Earnest Money and CDR, is complete and submitted in the prescribed format. Attention to detail in the Technical Bid will enhance the chances of qualification. Early submission is advised to avoid last-minute issues, especially given the competitive nature of such financial recovery contracts.