Circled Dot
Gray Frame Corner
Personal Loan Settlement from Union Bank of India gives borrowers the option to get a solution by repaying a part of the outstanding loan.
Circled Dot
Gray Frame Corner
This process starts when the borrower defaults on loan payments for 3-6 months, and the bank proposes a resolution.
Circled Dot
Gray Frame Corner
Documents required for settlement: It is necessary to submit identity proof, income proof, loan documents and proof of financial hardship etc.
Circled Dot
Gray Frame Corner
Benefits: Loan repayment at lower payments, mental relief, and a chance to recover from financial hardship.
Circled Dot
Gray Frame Corner
Disadvantages: Negative impact on credit score, additional fees, and some loan amount remaining outstanding.
Circled Dot
Arrow Right
Read More
Gray Frame Corner
The settlement process requires contacting the bank, submitting documents, accepting the offer, and making payments on time.