Kotak Veer Select Credit Card Settlement
A Guide for Indian Defense Personnel. Facing repayment issues? Learn how to settle your dues effectively!
What is Kotak Veer Select Credit Card?
- Specially designed for Indian Armed Forces - Rewards on fuel, dining & travel - Exclusive privileges for defense personnel
Why Do People Opt for Settlement?
- Financial hardship or job transition - High outstanding dues & interest - Avoiding legal action & CIBIL impact
Steps to Settle Your Credit Card Dues
- Contact Kotak Bank’s Customer Care - Request a One-Time Settlement (OTS) offer - Negotiate for reduced payment - Get a written agreement from the bank - Pay as per the settlement terms
Impact of Settlement on CIBIL Score
- CIBIL Score drops due to "Settled" status. - Takes time to rebuild credit history - Improve your score by paying future dues on time
Alternatives to Settlement
- EMI Conversion – Pay in installments - Balance Transfer – Shift dues to a lower-interest card - Debt Consolidation Loan – Get a personal loan to repay