One Time Settelment
Hrishikesh
(Querist) 23 January 2011
This query is : Resolved
My father has availed personnel loan somewhere in 2005-2006.
However due to heavy financial losses all por property was sold. now of that loan i have paid as much as possible. but now i want to settle that amount as gaurantors are harrasing me. and still our fianancial position is very bad. i am the only earning source and still studying.
Now the principal amount o/s Rs. 63,000/-
Interest Amount Rs. 45,000/
Penal Interest Rs. 5,000/-
now i wan to know how much benefit can be availed in the interst amount
malipeddi jaggarao
(Expert) 27 January 2011
There is no any hard and fast rule about the interest concessions. You have to represent the Bank with all the facts about your financial position and your commitment to repay the amount. Please note:
a) There will not be any concession in repayment of principal
b) If Bank satisfies with your representation, it may waive penal rate of interest and also recaculate the interest amount applying Bank's PLR rate from the date of becoming NPA (date when the account became overdue) and waive the excess interest. But this is not your right but purely discretion of the bank.
Sri Vijayan.A
(Expert) 27 January 2011
Well advised by Mr.Rao
as he said, it is not ur right but u can ask/ request for waiver
