Personal Loan Settlement: Key Details

Personal Loan Settlement allows reducing loan amounts for those unable to repay due to the financial crisis. It requires specific documents for processing.

[{"selector":"#anim-f885cfee-414c-472c-b7c0-50448aaed6b8","keyframes":{"opacity":[0,1]},"delay":0,"duration":600,"easing":"cubic-bezier(0.2, 0.6, 0.0, 1)","fill":"both"}] [{"selector":"#anim-16e72b80-49a5-488e-ba84-63ded66545cd","keyframes":{"transform":["translate3d(0px, 202.19197%, 0)","translate3d(0px, 0px, 0)"]},"delay":0,"duration":600,"easing":"cubic-bezier(0.2, 0.6, 0.0, 1)","fill":"both"}] Documents needed include identity proof, address proof, income proof, CIBIL report, and loan agreement, plus financial crisis proof if applicable.

[{"selector":"#anim-5c164eed-10f5-4cb3-8963-ef0d3f3a8fa5","keyframes":{"opacity":[0,1]},"delay":0,"duration":600,"easing":"cubic-bezier(0.2, 0.6, 0.0, 1)","fill":"both"}] [{"selector":"#anim-386299c2-adc0-466f-8ff1-868e3ccfccf2","keyframes":{"transform":["translate3d(0px, 166.97877%, 0)","translate3d(0px, 0px, 0)"]},"delay":0,"duration":600,"easing":"cubic-bezier(0.2, 0.6, 0.0, 1)","fill":"both"}] Loan settlement can affect your credit score and future loan eligibility. It’s important to review your CIBIL report before proceeding with the settlement.

[{"selector":"#anim-2dc5b516-5c9a-4463-9c20-adaea225fa28","keyframes":{"opacity":[0,1]},"delay":0,"duration":600,"easing":"cubic-bezier(0.2, 0.6, 0.0, 1)","fill":"both"}] [{"selector":"#anim-13ed434a-1574-4ff6-ab33-2b20aa4f3c96","keyframes":{"transform":["translate3d(0px, 166.97877%, 0)","translate3d(0px, 0px, 0)"]},"delay":0,"duration":600,"easing":"cubic-bezier(0.2, 0.6, 0.0, 1)","fill":"both"}] Request a loan settlement by submitting a formal request with supporting documents. Banks may offer a reduced settlement amount based on your financial situation.

[{"selector":"#anim-9f9715fa-792e-45fa-97d6-0607db454241","keyframes":{"opacity":[0,1]},"delay":0,"duration":600,"easing":"cubic-bezier(0.2, 0.6, 0.0, 1)","fill":"both"}] [{"selector":"#anim-375fd357-f0e2-4048-8df3-f94a36b7d237","keyframes":{"transform":["translate3d(0px, 202.19197%, 0)","translate3d(0px, 0px, 0)"]},"delay":0,"duration":600,"easing":"cubic-bezier(0.2, 0.6, 0.0, 1)","fill":"both"}] Once agreed, pay the settlement amount and receive a final payment receipt and No Dues Certificate (NOC) to close the loan.

Read More