one time settlement for bank loan

Querist : Anonymous (Querist) 09 July 2010 This query is : Resolved
As per RBI rules, for one time settlement of loan account what benefits can one get (e.g. interest waive,penalty waive)and can we ask for some duration.

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Devajyoti Barman (Expert) 09 July 2010
The RBI does not prescribe any benefit for one time settlement.

DEFENSE ADVOCATE.-firmaction@g (Expert) 10 July 2010
It depends on your negotiation skills.In many cases if you pay principal and case is sticky banks agree.

Parthasarathi Loganathan (Expert) 10 July 2010
Banks are vested with the powers to set OTS terms on its own. So you are very much entitled to put up your request seeking time frame for settlement of dues provided you have the track record in honouring such commitments. I came across and dealt a number of such cases in my Bank service

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