Summary Loan Settlement is a process in which an agreement is made between the borrower and the bank to close the loan by paying a certain amount instead of the full outstanding loan amount. Although this process may be a little relaxing for the borrower, it also hurts the guarantor. The guarantor is a person […]
Is there any impact on the Guarantor after loan settlement? Read More »
Summary The Loan Settlement Process is a process that comes in handy when a borrower is unable to pay their loan installments on time for any reason. In such a situation, the bank declares him a defaulter, and then the option of settlement arises to close the loan. But this process often becomes long and
How to fast-track the loan settlement process? Read More »
Summary Often, when people are in financial trouble, they hastily opt for a settlement plan. But if you take the help of a loan calculator before making this decision, you can understand your current situation better. First of all, with the help of a loan calculator, you can know how much loan you have repaid
How to Use a Loan Calculator Before Choosing a Settlement Plan? Read More »
Summary Co-operative Banks work to provide cheap and easy banking services to people in rural and semi-urban areas. These banks lend money to farmers, small traders, and ordinary people; however, many borrowers are unable to repay the loans on time due to financial constraints. In such a situation, Loan Settlement comes out as an important
How is loan settlement done in Co-operative Banks? Read More »
Summary Adopted when it is not possible to pay back the loan is loan settlement. Although many people rely on the Settlement Agency, the truth is you can pay off the loan by personally contacting the bank, even without the agency. First, you should evaluate your financial status; then, you should get in direct contact
How to Settle a Loan Without a Settlement Agency? Read More »
Summary Loan settlement happens when the borrower is unable to repay the entire loan and the bank takes a lesser amount and closes the loan. In this process, some part of the loan is forgiven, which is called Forgiven Amount. Now the question arises whether Income Tax is levied on this forgiven amount? First of
Does loan settlement affect Income Tax? Read More »
Summary Loan Settlement is an option that comes up when a person is unable to repay the loan EMI on time.. Although this method gives immediate relief, its long-term consequences can be very serious. First of all, it is important to understand that Loan Settlement adds “Settled” status to your CIBIL report, which shows that
How Does Loan Settlement Affect Your Future Loan Eligibility? Read More »
Summary Loan settlement is a process in which a person gets the option to settle their loan by negotiating with the bank or financial company and paying off their loan partially. This situation usually arises when a person is going through a major financial problem, such as job loss, illness, loss of business, or not
How to keep your mindset positive during loan settlement? Read More »
Summary Loan Settlement is a process in which the bank and the borrower settle the outstanding loan in a smaller amount by mutual consent. This option comes up when the customer becomes financially weak and is not in a position to repay the entire loan. But it is also very important to understand that Loan
Which banking policy affects loan settlement? Read More »
Summary In matters related to loan and credit card settlement, people are often confused about what settlement is, what is its effect, and whether it would be right to adopt this option. Keeping this in mind, the Reserve Bank of India (RBI) has recently implemented some important new rules so that this entire process can
What are the new RBI rules for Loan and Credit Card Settlement? Read More »
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