Can I settle my loan at discount?
I took a loan of ₹12 lakhs about 5–6 years ago and repaid many installments. Due to the COVID-19 pandemic, my financial situation worsened, and I couldn't continue payments. On 18.10.2022, I deposited ₹7 lakhs. Now, I want to settle the loan, but the company is demanding the full ₹12 lakhs again, including a high interest amount. I can pay ₹4–5 lakhs more. Please help me with a solution.
You can write to the bank/loan company requesting a one-time settlement (OTS). If the interest seems unfair, approach the banking ombudsman or RBI grievance portal. Keep proof of your ₹7 lakh payment. You can also negotiate directly and offer ₹4–5 lakh more. Legal notice or settlement through Lok Adalat is also possible. For further legal assistance contact us on our helpline number.
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