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What is the complete process for a bank loan settlement? What documents are required, how much payment is required, and how long does the settlement process usually take?
For a bank loan settlement, first contact the lender and request a written One-Time Settlement (OTS) proposal. Verify the outstanding amount, settlement amount, payment schedule, and consequences in writing before making payment. After payment, obtain a settlement letter, no-dues/closure certificate, and updated loan records. The exact amount and timeline depend on the lender and your case. For further legal assistance contact us on our helpline number.