Education Loan OTS
1 week ago
Namaste to Everyone. I took an education loan from (2016-19) of 2.50L . After completion of graduation some how i started repaying from past 6-8 I have not paid due to job and earnings problem. Now the bank is saying your status is OTS due is 2,25,000rs.
I met with an accident last month my left leg bone Fractured I can't even go to the bank.
Please suggest me.
Thank you
A.Dear Client,
As per RBI guidelines under the One-time settlement(OTS) Scheme, in cases where the borrowers are unable to pay the entire amount in one lump sum, at least 25% of the amount of settlement shall be paid upfront and the balance amount of 75% should be recovered in installments within a period of one year together with interest at the existing Prime Lending Rate from the date of settlement up to the date of final payment. This kind of limited-time offer or opportunity is given to defaulted borrowers by the Bank to reduce its burden of NPA/bad loans. If you fail to grab the opportunity, then you may face legal consequences from the lender including attachment of collateral security. A borrower is held liable personally for his or her debt for non-payment of the outstanding amount of the loan. Once the repayment of the loan stops or bounces for consecutive 3 installments, the Bank initiates a routine course of legal action for recovery of the loan from the borrower marking the loan as a bad loan/NPA and offering the borrower for one-time settlement of outstanding loan before approaching the Court for recovery of loan. You can try to negotiate a debt settlement on your own if your pocket permits, but sometimes it's typically done through third parties like debt relief companies, which you may hire to negotiate the settlement matter with the lender on your behalf. With this method, you will make payments to the debt settlement company rather than your creditors/lenders, along with any fees. Debt settlement is an agreement between a lender and a borrower in which the borrower repays a portion of a loan balance and the lender forgives the balance. You may consider starting the negotiation by offering to pay 25% or 30% of your outstanding balance in return for forgiveness on the rest. But, it may be noted that while there are legitimate debt relief/settlement companies, there are also many scam operations. So, if you're considering one, the Consumer Financial Protection Bureau(CFPB) suggests for contacting your state attorney general's(AG) office and local consumer protection agency to ask if they have any consumer complaints on file about that company. Some states require that debt settlement companies be licensed, which may provide some added protection. Although a debt settlement can offload some of your financial burden, there are also a few potential risks and downsides to consider. First, a debt settlement will affect your credit(CIBIL) score. That will make it more difficult for you to get credit or good interest rates in the future. Another potential drawback is that when you settle debt, you could face tax consequences. Further, a quick counseling session with a certified credit counselor can help you to discover your options and choose the right path forward.
As per RBI guidelines under the One-time settlement(OTS) Scheme, in cases where the borrowers are unable to pay the entire amount in one lump sum, at least 25% of the amount of settlement shall be paid upfront and the balance amount of 75% should be recovered in installments within a period of one year together with interest at the existing Prime Lending Rate from the date of settlement up to the date of final payment. This kind of limited-time offer or opportunity is given to defaulted borrowers by the Bank to reduce its burden of NPA/bad loans. If you fail to grab the opportunity, then you may face legal consequences from the lender including attachment of collateral security. A borrower is held liable personally for his or her debt for non-payment of the outstanding amount of the loan. Once the repayment of the loan stops or bounces for consecutive 3 installments, the Bank initiates a routine course of legal action for recovery of the loan from the borrower marking the loan as a bad loan/NPA and offering the borrower for one-time settlement of outstanding loan before approaching the Court for recovery of loan. You can try to negotiate a debt settlement on your own if your pocket permits, but sometimes it's typically done through third parties like debt relief companies, which you may hire to negotiate the settlement matter with the lender on your behalf. With this method, you will make payments to the debt settlement company rather than your creditors/lenders, along with any fees. Debt settlement is an agreement between a lender and a borrower in which the borrower repays a portion of a loan balance and the lender forgives the balance. You may consider starting the negotiation by offering to pay 25% or 30% of your outstanding balance in return for forgiveness on the rest. But, it may be noted that while there are legitimate debt relief/settlement companies, there are also many scam operations. So, if you're considering one, the Consumer Financial Protection Bureau(CFPB) suggests for contacting your state attorney general's(AG) office and local consumer protection agency to ask if they have any consumer complaints on file about that company. Some states require that debt settlement companies be licensed, which may provide some added protection. Although a debt settlement can offload some of your financial burden, there are also a few potential risks and downsides to consider. First, a debt settlement will affect your credit(CIBIL) score. That will make it more difficult for you to get credit or good interest rates in the future. Another potential drawback is that when you settle debt, you could face tax consequences. Further, a quick counseling session with a certified credit counselor can help you to discover your options and choose the right path forward.
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A.Dear Client,
Try to go to the online portal of the said bank and complaint about grievance through the same. it is advisable to repay the loan amount within the stipulated time or you may face seizure of your assets
Try to go to the online portal of the said bank and complaint about grievance through the same. it is advisable to repay the loan amount within the stipulated time or you may face seizure of your assets
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