Brought special OTS scheme for NPA accounts, now repay loans like this, Pnb announces special ots scheme for npa accounts
PNB One Time Settlement Scheme is for those people who have taken loan but are unable to repay the same due to any reason. The loan under this scheme can be repaid with easy installments and interest subvention.
New Delhi. Punjab National Bank has come up with a special One Time Settlement Scheme for the NPA account holders who are unable to repay the loan due to any reason. This scheme for those people who have taken loan from PNB but are not able to repay it or are not able to repay it. For such people, the bank is giving an opportunity to repay the loan. The benefit of this scheme will be for those people who are facing problem in repaying the loan due to loss in business or any other reason.
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What is PNB’s Special OTS Scheme?
Punjab National Bank has launched a special OTS (One Time Settlement Scheme) scheme for NPA accounts up to Rs 5 crore. To explain this scheme, Punjab National Bank has posted a video on Twitter. This scheme covers NPA accounts up to March 31, 2021. This scheme is for those whose outstanding loan amount is up to Rs 5 crore. Agricultural accounts up to Rs 10 lakh have also been included in this scheme. In this scheme, along with waiver of recorded interest, huge discount is also being given in the outstanding amount. Apart from this, the facility of easy installments is also being given to repay the loan. Eligible sub-standard education loan accounts up to Rs.7.5 lakh can be settled up to 70% of the outstanding amount. Other sub-standard accounts can be settled up to 85%.
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Provision of OTS from 25 to 80 percent
According to the update issued by PNB, there is a provision of OTS ranging from 25 to 80 percent for doubtful and loss accounts of outstanding amount between Rs 1 lakh to Rs 5 crore. That is, if the outstanding amount of your loan is Rs 1 lakh, then keeping in mind the security coverage, there is a provision of 25 to 50 percent OTS. If the loan amount is from 1 to 20 lakhs, then there is a provision of 25 to 75 percent OTS. If the loan amount is 20 to 50 lakh rupees, then 40 to 80 percent OTS has been provided. If the loan amount ranges from Rs 50 lakh to Rs 5 crore, then the provision of OTS depends on the secured and unsecured portion.
NPA account holders taking loan under PNB OTS scheme can pay OTS amount in easy installments within 6 months. The last date for this scheme is 31 March 2022. People can get more information about this scheme from the nearest branch of PNB or Circle SASTRA or Zonal SASTRA Centre. As per the payment terms, 20 per cent of the upfront amount can be given for NPA accounts up to Rs 25 lakh. The upfront payment is 15% for NPA accounts ranging from Rs 25 lakh to Rs 5 crore.
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