Have you also taken a personal loan but cannot repay it for some reason? Then don't worry! Personal Loan Settlement is a better solution for you. Know complete information related to it.
When you are unable to repay the entire loan amount, the bank gives you the option to settle by giving a reduced amount. This is called a Personal Loan Settlement.
- Financial crisis (Income loss, job loss) - Sudden big expense (Emergency expenses, medical bills) - Inability to repay the loan
- Contact the bank - Explain your financial situation - Ask for a settlement offer - Pay a discounted amount - Get NOC (No Objection Certificate)
- Get rid of outstanding debt - Protection from legal proceedings - Mental peace
- CIBIL score drops - It may be difficult to get a loan in the future - Relationship with the bank gets affected