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Settlement Offer Letter

This document is a settlement offer from Bandhan Bank Limited regarding a loan account, proposing a full and final payment to settle the outstanding amount. The borrower is required to adhere to a specified payment schedule, and failure to comply will nullify the settlement offer, allowing the bank to pursue legal action for the total dues. The settlement is valid until a specified date and requires the borrower to withdraw any claims against the bank related to the loan account.

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403 views2 pages

Settlement Offer Letter

This document is a settlement offer from Bandhan Bank Limited regarding a loan account, proposing a full and final payment to settle the outstanding amount. The borrower is required to adhere to a specified payment schedule, and failure to comply will nullify the settlement offer, allowing the bank to pursue legal action for the total dues. The settlement is valid until a specified date and requires the borrower to withdraw any claims against the bank related to the loan account.

Uploaded by

ss.stock05
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as PDF, TXT or read online on Scribd
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SETTLEMENT OFFER

Ref: - Date: -

To,

Re: - Loan Account No:

Sub: - Settlement Offer


Dear Sir/Madam,
This is in reference to the loan agreement in connection with the captioned loan account
executed by you with Bandhan Bank Limited (hereinafter referred to as the "Bank") for
availing the Loan for an amount of Rs /- (Rupees Only). The specific
condition for sanctioning the said facility was to make a timely payment, and the said
loan was granted to you on the understanding that you would make the payment in the
manner and within the time stipulated in the agreement.
You have approached the bank and offered to settle your aforesaid account, and as per
our mutual discussions, we understand that you are ready to pay an amount of Rs
- (Rupees Only) towards full & final payment against the amount of Rs
(Rupees Only) outstanding as on
In the circumstances, trusting upon the commitment/ s made by you, the bank in good
faith and gesture, has agreed to accept an amount of Rs /- (Rupees Only) as
full and final settlement of the captioned account provided that the same is paid strictly
as per the below mentioned schedule.

Sl.N0. Date (On or Before) Mode of Payment Amount (in Rs.)

1 Cash

In case of any default in the payment schedule mentioned above or payments are made
after the due date for whatever reason, the amount deposited by you under the instant
settlement, shall be considered as deposit towards the total outstanding as mentioned in
this letter, and the settlement offer shall be declared null, void and withdrawn. Further, all the
concessions granted shall also stand as withdrawn without any further intimation .

Please also note that for non-compliance with the terms of payment mentioned above,
the Settlement plan would be treated as automatically cancelled, and the bank reserves
it's right to redebit your a/c and initiate and / or continue legal proceedings without any
further notice for recoveries of the balance outstanding with interest and other charges.
Therefore, the bank will restore the original liability, and you will be liable to pay the
total dues.
It is hereby agreed that after realization of the aforesaid settlement amount in full within
the stipulated date, the bank shall take necessary steps to close your loan account and
withdrawal of any pending litigation filed by the bank against you pertaining to the said
loan account.

Further, in consideration of the Settlement plan with respect to the above-mentioned


loan account, you confirm that any claims, grievances and/ or case/s you have or may
assert against the bank that pertains to the said loan account, shall be withdrawn or
relinquished.
This one-time settlement offer is valid till and shall supersede earlier settlement
offers, if any and shall not set any precedent.

This Settlement is, however without prejudice to other rights and contentions of the
bank. Please send us a signed copy of this letter as a token of acceptance and
acknowledgement.

For Bandhan Bank Limited Accepted

Authorized Signatory (Signature of the Borrower/ s)

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