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sachin   04 December 2023

Loan settlement letter terms and conditions


My sister took a loan from Bank. Outstanding amt =1,30,000. Bank has issued settlement letter for Rs 55,000. two questions I have

1) Bank has issued settlement letter for Rs 55000/-. we cannot understand the first seven terms and conditions. PDF of settlement letter  attached. Can someone advice, if settlement letter is ok. point no  6 says, interest will keep accruing ? Is it full and final settlement letter ?

2) They said they will give two days to settle the amt which was ok for us. But they issued the letter on 30th Nov evening via email and wanted payment on the same date since settlement is effective on paying the amt on 30th Nov itself. we cud not pay since same ay payment was not possible for us. what to do now ?  

settlement letter PDF with terms an conditions attached








 1 Replies

T. Kalaiselvan, Advocate (Advocate)     07 December 2023

No attachment is found hence no opinion can be rendered to your query

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