One Time Settlement for education loan

Rajesh (Querist) 23 May 2017 This query is : Resolved
Sir, I got a education loan from bank of India in the year of 2009-13.the loan amount is 3 lakhs.Now the total loan with interest is 5 lakhs.I want to pay the amount through one time settlement scheme.is there is any scheme available like this

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Rajendra K Goyal (Expert) 23 May 2017
You may prey the Bank to consider, can not claim OTS as a matter of right.

It would be better if your father approach the Bank to consider OTS and offer to clear the account on your behalf.

Guest (Expert) 23 May 2017
Agree with Mr.RK Goyal

Guest (Expert) 23 May 2017
Discuss Senior Bank Officials of Bank

Guest (Expert) 23 May 2017
Once they agree first collect the Consent Letter from bank for OTS and then settle

Guest (Expert) 23 May 2017
Do not rely on any oral commitment from banker for OTS.Later they may disagree.

Guest (Expert) 23 May 2017
Take Care and all the Best

Guest (Expert) 23 May 2017
Well advised by Mr.RK Goyal

Rajendra K Goyal (Expert) 24 May 2017
Please advice the OTS was offered under RBI scheme or under individual scheme.

Whether Bank is having such scheme at present?

Normally Bank would not agree to give big discount, however, nothing wrong in trying.

Guest (Expert) 24 May 2017
Refer Guidelines on OTS settlement Scheme for SME Accounts by RBI

Guest (Expert) 24 May 2017
Circular RBI/2005-06/153--ROCD-PLNFS-BC No 39/06-02-31 /2005-06 Dt 30/05/06

Guest (Expert) 24 May 2017
Banks shall follow the Guidelines for OTS of all NPS covered under the Scheme

Guest (Expert) 24 May 2017
The decision could be taken by Competent authority with delegated powers of the concerned Bank

Guest (Expert) 24 May 2017
Agree with Mr.RK Goyal

Guest (Expert) 24 May 2017
Well Advised by Mr.RK Goyal

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