POSTED BY October 15, 2012 2:47 pm COMMENTS (2)ON
Dear sir,I am shiva PRASAD from hyderabad.my CIBIL score is 535. I have taken a personal loan in barckles bank and because of some reasons I could not pay my EMI For 9 months .now I got some money I want pay the total loan amount and close it what is the process.because I meet an executive he said no need of paying total amount the bank will reduce some amount is the true ? And also pay let me know how to improve CIBIL score and take loans in future.
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2 replies on this article “Regarding loans”
I think he might be talking about the SETTLEMENT option where you pay a part of the whole amount and the matter is closed, but its not that way . Its still reported to CIBIL and the remark will be SETTLED, this is not a solution , you will again run around here and there .
Just pay the full amount and close it clean . You can once talk to bank about the reduced amount and if you pay that what will be the status they will update with CIBIL , if its clean remark like closed then you can pay less and take it in writing that they will update with CIBIL and you will then have 0 dues, I have heard that some companies are taking less amount and still closing the matter properly with bad remark .
First things first – if you have the money, p[lease clear your outstanding overdues and depending on the interest rate, you could repay all / some of the loan.