Sir
I've a personal loan outstanding of more than 2.5 lac which was not paid for more than 4 years now. Loan amount Rs. 1.5 lac was taken on 2014 and paid till Dec 2014. Now after 5 years the manager of the bank called me up and inform me that I can closed the loan account by paying Rs. 65000/-.
1. What is the condition of the offer that the Manager made to me?
2. I think the loan is barred by limitation. Is it?
3. What could be the consequences if I don't pay up the offer ammount as I am unable to pay due to loss of job since 2014?
