2)As per RBI circular dated 19.04.2004 for OTS scheme is for small/medium Entrepreneurs whether this applies for personal loan also?
3) For a loan borrower can the same person be guranteer for one or more borrowers?
When A/c. is settled under OTS scheme the term outstanding balance is only principal amount or principal +int?
(1) OTS includes full and final payment against all types of dues in a particular loan account, if the amount of OTS is mutually agreed to. No further claim by the bank. Insist on a clearance certificate under OTS, if the bank prfers to add.
(2)No. Personal loans not covered.
(3) A person can at the same time be a depositor under several types of accounts, borrower under different categories, co-obligat/surety/guarantor for any number of loans of any number of borrowers . The only requirement is that the bank must be satisfied about the creditworthiness of the person as well as the totality of credit viz. the direct and indirect liabilities to the bank, being within the norms of the bank and within the maximum credit limit according to the networth of the person, as assessed by the bank. This is a subjective satisfaction and not justiciable.
OTS under a scheme, if eligible, does not affect other credit facilities and surety liabilities. But any condition as to future credit, if iposed by the bank, will apply.
Most of the banks, have their own OTS policy, for loans that are NPAs and those which are not governed by any RBI scheme. You can avail the benefits under such schemes also, if you can deftky negotiate the amount payable as well as confident of generating funds for this purpose at short notice.Even personalloans can come under OTs of bak's own scheme.
Reply:OTS scheme settlement depends on the discussions and finalisation at the OTS meeting: suppose the security is one lac,loan is 50thousand,then whether the RBI allows for interest waiver?
OTS is for all loans
Unknowingly he can be: but this is not allowed in Banks
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