bank loan settlement


Hi friends

can any one give me idea that what documents should be taken from bank at the time of doing settlement of loan.Acutually loan amount with interest is 4 lacs and bank is doing settlement for rupees 100000.So what documents should be taken from bank so in future it does not create any problem

 
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Advocate

Kindly obtain no dues certificate on the letter head of the bank duly signed and stamped by the concerned officer alongwith his/her designation.

Bank might insist you to accept loan foreclosure certificate, kindly avoid accepting it as the bank will downgrade your cibil score.

 

Regards

Advocate Rohit Dalmia

9324538481

Mumbai

 
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Consultant & Legal Analyst

Well advised by Adv. Rohit. But, I doubt, if bank will issue no due certificate after settling the case with merely 25% of the dues. Your case may or might have been reported to CIBIL as defaulter.

 

 
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First get offer letter with sign and stamp on letter head. Second pay the dues with receipt. Third get no due certified by banks letter head with seal and sign. Finnaly if you pay with waving the Cbil report will be not shown account closed. It will be account settled in case only intrest waiver or account write off in case of below principal loan (sure in any case you will not get further dues) god bless
 
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First get offer letter with sign and stamp on letter head. Second pay the dues with receipt. Third get no due certified by banks letter head with seal and sign. Finnaly if you pay with waving the Cbil report will be not shown account closed. It will be account settled in case only intrest waiver or account write off in case of below principal loan (sure in any case you will not get further dues) god bless
 
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Owner

Dear paras kumar,

You will get a Settlement Letter from the Bank after paying the settlement amount in full to the bank. Such Settlement letter will also include details on NO FURTHER DUES and closure of your loa account. That will suffice your purpose.

Morever, you can also ask for a Closing account statement of the Loan account for your future reference, as an additional cushion.

About CIBIL score, The reporting to CIBIL is quaterly on all credit issues. And here your name would appear a Delinquesnt customer, which will affect your CIBIL Score and this might create apprehensions in your credit applications in future.,

 
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