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Personal Loan Settlement from Union Bank of India gives borrowers the option to get a solution by repaying a part of the outstanding loan.

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This process starts when the borrower defaults on loan payments for 3-6 months, and the bank proposes a resolution.

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Documents required for settlement: It is necessary to submit identity proof, income proof, loan documents and proof of financial hardship etc.

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Benefits: Loan repayment at lower payments, mental relief, and a chance to recover from financial hardship.

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Disadvantages: Negative impact on credit score, additional fees, and some loan amount remaining outstanding.

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The settlement process requires contacting the bank, submitting documents, accepting the offer, and making payments on time.