Countries around the world have been hit by the Corona pandemic. A large section of the country has also been badly affected by this. Especially those people who wanted to do something by taking a loan from the bank or who had set up their business by taking a loan, but due to Corona, the business sank. There are many such people who had taken loan for agriculture, education, buying or building a house, buying a car or other work other than business, but could not repay.
Due to Corona, the financial condition of many people has become so bad that it is finding it very difficult to repay the loan. People are buried under the burden of loans from banks. There is good news for such people. Especially for those people who had taken loan from PNB ie Punjab National Bank and are unable to repay. For such people, PNB has brought special OTS i.e. One Time Settlement Scheme.
What is One Time Settlement Scheme?
One time settlement means pay once and get rid of the entire debt. PNB’s One Time Settlement Scheme has come up with a great opportunity for loan borrowers and those who cannot repay. Consider this scheme broadly in such a way that under this a rebate of up to 75 percent is being given for NPA accounts of less than one lakh rupees, while up to 60 percent discount is being given on NPA accounts of more than one lakh. That is, by paying 25 to 40 percent of the loan amount, you can get rid of the entire debt.
Highlights related to this scheme:
- This scheme covers NPA accounts up to March 31, 2021. That is, this scheme will be applicable on the loan taken before this date. The last date for this scheme is 31 March 2022.
- Under this, all those borrowers will get benefit whose loan amount is up to Rs 5 crore.
- Agricultural accounts above Rs 10 lakh are also included in this scheme.
- Recorded interest is exempted under this scheme. Also, there is a huge discount in the outstanding amount.
- There is an easy installment option to repay the loan. You can also pay the remaining amount in installments by depositing the upfront amount of the settlement amount.
- Sub-standard education loan accounts up to Rs 7.50 lakh can be settled up to 70% of the outstanding amount.
- Other types of sub-standard loan accounts can be settled up to 85% of the outstanding amount.
How much discount is there for the outstanding amount?
Detailed information about the settlements has been given by PNB. If the outstanding amount of your loan is up to Rs 1 lakh, then a discount of 25 to 50 percent is being given for one time settlement. A rebate of 25 to 75 percent is being given for the outstanding amount from Rs 1 lakh to 20 lakh.
If the outstanding balance of your loan is 20 lakh to 50 lakh rupees, then the bank is giving 40 to 80 percent relief on this. At the same time, the exemption on the outstanding loan amount from 50 lakhs to 5 crores depends on the secured and unsecured portion.
Loan can be paid in easy installments
You can also repay the settlement amount of the loan amount in easy installments.
You will be given 6 months for this.
Give 20% amount on NPA accounts up to 25 lakhs and the rest can be paid in installments.
There is an offer of 15% upfront amount on NPA accounts ranging from Rs 25 lakh to Rs 5 crore.
If the settlement amount is paid within 3 months, then there will be no change in the interest rate
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