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  • Category: Miscellaneous

    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?

    Moreover, I offer my free services in case you have any genuine doubts. You may put up your queries in the Ask Expert section under the appropriate category with all required details.
  • #595484
    What I feel that when we are sincere in paying the installments in time and the loan company is getting our money regularly without even them reminding us it clearly shows our credit worthiness for them. I have gone for my scooter finance through a private company and monthyly 2450 has been deducted through bank account on every 5th of the month. So far they have never reminded us not we have bothered about them. Now the loan account is getting to be closed in another 4 months. The company started sending messages for availing additional loans with same credentials and no paper work at all. What that mean to me ? I am sincere and the finance companies are longing for such sincere payers. I need not want a certificate so as to prove my credit worthiness. This is want I have to say.
    K Mohan
    'Idhuvum Kadandhu Pogum "
    Even this challenging situation would ease

  • #595506
    A repaired joint is always prone to further breaks.
    A broken and repaired credit rating is also like that. It needs much care and rewrite to get back better rating.
    The best way is not to fall for tempting loan offers in haste. One should avail loans only if he is sure that he can repay the same with interest smoothly over the decided period of time. The loan amount and repayment parameters should be taken and decided only after doing a good homework. If we are not good at it is better to consult those who know about finance matters and understand our own situations.


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