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Old 24th August 2009, 09:01   #16
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Does this guy have multiple Pan Cards?

I don't see how an interested bank cannot trace him out.
IMHO, he should send an email to the bank, maybe a registered post to the bank with all the details. He should repay the money.
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Old 24th August 2009, 09:03   #17
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Banks (and elephants) never forget. Follow up and get the amount squared off.
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Old 24th August 2009, 09:14   #18
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Thanks a lot for your replies guys, i also told him its better to pay off on moral ground and because of the guilt factor. But his only question is can he settle the amount at a lesser cost and get rid of the negetive cibil listing or he had to pay the full amount with penalities to get off the negetive rating. this has to be fool proof, as i am advising him now, i dont want him to come back and tell me, i am in more trouble now because of you.

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Old 24th August 2009, 09:56   #19
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it is with penalties if he wants to get rid of records from CIBIL
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Old 24th August 2009, 14:29   #20
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Originally Posted by deepakchiniwal View Post
it is with penalties if he wants to get rid of records from CIBIL
Hello everyone,

CIBIL is a record of all existing borrowers, it keeps a track of all borrowings, Name, DOB, amounts, times late, etc. repayment schedule etc.

Its a record book, which compiles all activities as a borrower. The last activity (even if all loans have been paid off) remains on the record for 7 years after which it is deleted & new data is placed on it. (length of records is for past 7 years)

There is no way you can make a late payment, missed payment etc go away or get deleted from the records.

If you have never borrowed from any lender who subscribes to CIBIL (keeps records on CIBIL), the database will not have any record.

Meanwhile if you have had ANY loan from a bank which subscribes to CIBIL, the record will be there for 7 years.


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Old 24th August 2009, 15:47   #21
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I have a close friend in a bank

- yes you can just walk in to the bank you took the loan from and say you want to close it.
-The bank would initially show you your loan sheet which which show the total outstanding due and the interest capitalised TILL DATE!
- So if your loan outstanding was say 2 lakhs surely depending on the no of the years the loan was not paid the interest would come to a huge amount.
- Your friend needs to bargain and bargain hard and not get intimidated by the bank guys.
-The bank would have in all probability written this loan off as bad/non-recoverable.
- If for example your friend owes the bank two lakhs,he can settle even for 50k BUT read this, if his name is not there in CIBIL then the bank will put his name in CIBIL with the outstanding amount even after he settles with the bank.
- For seven years his name will be on CIBIL and it will be impossible to get any loan from any financial institution.
-If he does not want to pay the loan then
a.He should get a new pan card(illegal to have two)
b.Try avoiding haveing a account in the menitioned bank where he had the loan as the database is run to check for defaulters even after couple of years with parameters like pan card, date of birth and mothers name.
c.If the pan car and dob matches then for sure they will put a lean on the account.

Its a catch 22 situation but better to pay up and sleep peacefully and grow back your credit history slowley.

But remember to be tough when dealing with these guys for settlement.Better still if you know any top notchs in these banks tell them to work around it.Helps in dealing with the banks.

All the best!
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