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manoj (Asst finance mng)     31 March 2010

CIBIL Report & NOC from Bank

One of mine collegue has having  outstanding of icici credit card ZRs.70,000 & he has not paid the amount from last 3 years. So its understood his name will shows below cibil score .

Que 1: If he pays full amount of Rs. 70,000 what the docs he shall take from bank

Que 2: Who's responsibility and, how  cibil will get the updated transaction from customer or bank in how many days/ months

Que 3: Corresponding he is receiving the call from icici legal consultants that they are issuing non bailable warrants  etc ..

Please advice how the matter will closed peacefully and customers get docs / nocs or letter showing the details on plain paper , stamp paper etc...


 2 Replies

Latha chennai (Advocate/Trade Mark Attorney)     16 April 2010

1.Please ask him to inform the bank that he is ready to settle the credit Amount. And ask him to pay the amount via Demand Draft  (photostat copy of D.D must be taken ).and also give a letter to the bank asking them to give him loan repayed ie satisfactory letter. Ask him to take acknowlegment for the letter which he is going to give the bank.

2. In his letter  he should ask the bank to report to the CIBIL about his loan clearance.

3. Since he had defaulted  the loan amount and it is already 3 years, the bank must have written off his loan . so he must specifically ask the bank to correct and update his CIBIL REPORT.ANd regarding the legal experts of ICICI, it wont be an issue that of warrant etc if he is ready to repay his loan amount.

Soon after this procedure ask him to apply for his CIBIL REPORT , if his loan repayment status remains un updated then he can attach the loan satified letter which he had got from the ICICI bank and sent it to CIBIL for modification.



Y V Vishweshwar Rao (Advocate )     03 June 2010

The Loan  may be with  mortgage/security  or with out mortgage/security - The Bnak has to enforce the Personal  Obigation of Borrower and  guarantors and Securities for recovery of its dues by filign a  Civil suit as the due amount is  70,000-00  only  

The Borrower is  ready to pay - delay in payment  is not crimnal Activity-  not liable for punishemnt

The   CIBIL entries will be remived by the ICICI Bank on payment of the due amount . It is the obligation of the Bank

In recvovery of the Bank Lons the CriminaL proceedings are not  correct . - except  in any Cheque Bounced cases u/s 138 NIC At .

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