Fill in One-Time Settlement (OTS) Proposal

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One-Time Settlement (OTS) Proposal

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You
The lender
The loan account
The default
The settlement offer
Delivery and signing

Step 1 of 6

You

Place where you are signingNeeded

For example: Ludhiana

Your full nameNeeded

For example: Rahul Deshmukh

Your postal addressNeeded

House / flat / plot no.

Street, sector or locality

City area and PIN code

Your mobile numberNeeded

A number somebody can be reached on. Ten digits is the usual Indian form, and a country code in front of it is fine if you want it there.

Your email addressNeeded

An email address somebody actually reads. Notices under a document like this can be sent to it, so a working one matters more than a tidy one.

More details — you may leave these

Your PANYou may leave this

For example: ABCDE1234F

Co-borrower's full nameYou may leave this

Guarantor's full nameYou may leave this

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The live draft

The draft, as it stands

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WITHOUT PREJUDICE

Sir / Madam,

5. My present position.

8. Source of funds.

10. Credit reporting. I am aware that an account closed on a compromise is ordinarily reported to the credit information companies as "settled" rather than "closed", and that this entry will affect my ability to borrow for years. I am not asking the Lender to report anything inaccurate. I ask only for three things. First, that the sanction letter state the exact status that will be reported, so that I know it before I pay rather than after. Second, that the Lender record that if I later pay the amount waived under the settlement, it will on such payment report the account as "closed" and issue a revised no-dues letter. Third, that after my final payment the Lender update the credit information companies promptly and in line with the fortnightly reporting requirement introduced by the Reserve Bank's circular of 8 August 2024 with effect from 1 January 2025, and send me a copy of the confirmation, so that the change is visible on my record without my having to chase it.

11. Without prejudice. This proposal is made without prejudice and solely with a view to an amicable settlement. It is not an admission that the amount claimed by the Lender is correctly computed. If the proposal is not accepted, it will be treated as withdrawn and will not be relied on by either side. If it is accepted, the settlement will take effect only on the terms of the Lender's written sanction letter and on my payment in accordance with it, and the Lender's acceptance of any payment before then will not by itself amount to a settlement.

14. I am willing to attend the branch or the recovery office at any time convenient to the Lender to explain this proposal, to produce originals of the documents enclosed, and to answer any question about my means. I am also willing to consider a restructuring of the loan instead of a settlement, on terms that fit the income I have described above, if the Lender would prefer that.

Yours faithfully,

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FOR ACKNOWLEDGEMENT (to be completed where this letter is handed over at the counter)

Name: ______________________ Designation: ______________________

Signature: __________________ Date: ______________ Office stamp:

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