Should we settle the Bank Loans with or without CIBIL Clearance?Default in Bank Loans is a general problem and due to one reason or the other the borrowers either miss the repayment of EMI's or default in repaying the loan installments. Sometimes defaults increase to alarming situations. The borrowers, after becoming defaulters, approach the Banks to Settle the overdue loan accounts. Bank recovery agents of Banks like ICICI Bank, HDFC Bank, Axis Bank lure the defaulters with lucrative offers to settle the bank loans. Often the borrowers accept such offers which come with riders like reporting the account to credit rating agencies as "Settled" account and the unaware borrowers come to know of this fact only when they approach any other bank for a fresh loan after settling the loan in default. Such borrowers get a shock when all the banks close their doors for fresh loans to them and they are again compelled to approach the concerned bank who settled their loan and at that time the smart bankers ask for a deposit of waiver amount, offered at the time settlement, to give CIBIL Clearance. Under the circumstances what would you be able to do?
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