abhishek sinha 02 October 2016

Educational loan account closed and says "recalled assets deal"

Hello, Can anyone of you please help me out as i was paying the EMIs of educational loan...but due to late payment some months back...it became NPA but i still continued to pay...But now the loan account is closed n It says Recalled assets deal n amount written off....what does that mean?

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4 Replies

Anup kumar 02 October 2016

Written off means waived in banking terminology

Anup kumar 02 October 2016

It comes under the loss in bank balance sheet .

arpit shukla (,) 02 October 2016

If your bank is showing settled account then it is negative in terms of your cibil credit score and it will hamper your future eligibility of loans , better you approach your bank to open settled amount and get closure /no due certificate . If need further detail call me on 9825371788

G.L.N. Prasad (Retired employee.) 03 October 2016

Written off means, Bank deciding that it is not possible to recover and amount credited from their funds, to reduce NPA and with a lost hope, that there is no scope for recovery.

Even when the account is written off, they can still claim the amount from you, as your repayments is prolonging the limitation period.

It is better to talk to the bank and pay outstanding amount at a stroke and get a no due certificate.