Personal loan one time final settlement

VADIVEL (Querist) 20 January 2018 This query is : Resolved
Dear sir, I have received a letter from ICICI bank for settlement also I too confirmed the amount for the same and also ready to settlement but I have doubt on received letter they have not mentioned any where as final settlement, so pls check and advise your opinion. - (Settlement of dues pertaining to ICICI Bank Loan Account LPTIR00012153934 Dear MR VADIVEL N, We value your relationship with ICICI Bank. We write with reference to the discussion you had with our representative on January 11, 2018 during which, you had acknowledged that an amount of 263775.99 (Rupees Two Lakh Sixty-Three Thousand Seven Hundred Seventy-Five and Ninety-Nine Paise) is due and payable to the Bank, as also reflected in your last statement. You had also mentioned to us that you are unable to pay the entire dues on account of your exceptional circumstances and have made a request to the Bank to consider in settling the dues in the account at a sum, lower than that mentioned in the statement of account. We would like to inform you that the Bank has considered your request on an exceptional basis and has agreed to settle the said dues at 46400 [Rupees Forty-Six Thousand Four Hundred Only]. The settlement amount shall be paid by you on or before January 31, 2018 through online payment / cheque*/cash/Demand Draft (payable locally) in favour of ICICI Bank Ltd., Loan Account LPTIR00012153934. Without prejudice to the Bank's rights, this settlement is being granted on your assurance and undertaking to comply with the terms stated below, without setting any precedent as an exceptional case and is valid and effective only till January 31, 2018. Further, the settlement amount being offered to you is solely on your request and based on the circumstances in your particular case. Your account will be closed only after the realisation of the agreed settlement amount, within the agreed time.)

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VADIVEL (Querist) 20 January 2018
Is there any procedure to settle legally pls advise sir....,

VADIVEL (Querist) 20 January 2018
Dear experts pls advise to get NOC with bank legally for agreed amount PL final settlement.

R.Ramachandran (Expert) 21 January 2018
Bank has very clearly stated that upon payment of the amount, your loan account will be closed. It is nothing but final settlement. Better pay the amount well before the deadline of 31.1.2018.