Credit Card Ka Settlement Kaise Hota Hai? Step-by-Step Process in India

 Credit card settlement tab hota hai jab bank aapse outstanding ka ek hissa accept karke account “Settled” mark kar deta hai. Ye short-term relief deta hai, lekin CIBIL score par negative asar padta hai. Is article mein aapko process, negotiation tips, aur RBI ke framework ke baare mein clarity milegi.

• Credit card settlement kya hai?
• Bank kab settlement offer karta hai?
• Credit card settlement process step-by-step
• RBI ka settlement framework (2023 update)
• CIBIL par iska kya asar hota hai?
• Negotiation tips for better settlement
• Settlement ke alternatives
• FAQs

Credit card settlement kya hai?

Jab aapka credit card outstanding badh jaata hai (interest + penalty ke saath) aur aap regular EMI/dues repay nahi kar pa rahe, to bank aapse ek lump-sum reduced amount accept karke account close kar deta hai. Isse One-Time Settlement (OTS) ya compromise settlement kehte hain.

Example: Agar dues ₹2,00,000 hain, bank aapse ₹1,20,000 le kar account “Settled” mark kar sakta hai.

2) Bank kab settlement offer karta hai?

• Jab aap 90+ days overdue ho jaate ho (account NPA ban jaata hai).
• Jab lagta hai ki borrower ke paas repayment capacity kam hai (job loss, medical issue, business loss).
• Jab bank ko lagta hai ki partial recovery abhi karna zyada behtar hai instead of dragging legal recovery.

3) Credit card settlement process step-by-step

Step 1: Contact/Notice Bank ka recovery team aapse contact karega ya aap khud bank ko hardship explain karke settlement request kar sakte ho.

Step 2: Proposal & Negotiation Bank aapko settlement offer karega (reduced amount). Aap charges waive karne ke liye negotiate kar sakte ho.

Step 3: Sanction Letter Bank aapko ek settlement sanction letter deta hai jisme likha hota hai:

• Final settlement amount
• Due date/payment schedule
• Waivers detail
• Closure confirmation on full payment

Step 4: Payment Aapko lump sum (ya rarely short installments) bank ke official channel se pay karna hota hai.

Step 5: Closure & NOC Payment ke baad bank aapko No Dues Certificate (NOC) deta hai.

Step 6: CIBIL Update Account ko “Settled” status ke sath bureau ko report kiya jaata hai (not “Closed”).

4) RBI ka settlement framework (2023 update)

• RBI ne June 2023 mein compromise settlement ke liye framework diya.
• Banks/NBFCs apne board-approved policies ke hisaab se settlement kar sakte hain.
• Ek 12-month cooling period hota hai — settlement ke baad aapko same lender se turant naya credit nahi milega.
• Fraud/wilful defaulters ke liye stricter rules hain (unko settlement ka benefit nahi diya jaata).

5) CIBIL par iska kya asar hota hai?

• Settlement hone ke baad account “Settled” mark hota hai.
• Score 75–100 points ya usse zyada gir sakta hai.
• Ye negative tag 7 years tak report mein dikh sakta hai.
• Future mein nayi credit cards/loans lena mushkil ho jaata hai, ya high interest rate lagta hai.

6) Negotiation tips for better settlement

• Written letter zaroor lo (sirf verbal promises par bharosa na karein).
• Penalty aur late fees pehle waive karwane ki koshish karein.
• Lump sum payment propose karein — banks ko upfront recovery pasand hai.
• Sabhi receipts aur NOC preserve karein.
• CIBIL update track karein (30–60 days ke andar). Agar wrong report hoti hai to bureau mein dispute raise karein.

7) Settlement ke alternatives

• Restructuring: Bank se EMI kam karwane/tenure badhane ki request karein.
• Balance Transfer: Outstanding ko kisi aur card/personal loan pe transfer karein lower interest pe.
• Convert to EMI/Personal Loan: Revolving dues ko fixed EMI mein convert karein.
• Debt counselling: Professional plan banwayein taaki credit profile safe rahe.

8) FAQs

Q1: Kya settlement ke baad harassment calls band ho jaati hain? Haan. Settlement hone ke baad account close ho jaata hai, aur recovery stop ho jaati hai.

Q2: Kya settlement legal hai? Bilkul. RBI ne banks ko settlement allow kiya hai, lekin final decision bank ke policy aur committee pe depend karta hai.

Q3: Kya settlement ke baad turant naya card mil jaayega? Nahi. Cooling period + negative CIBIL impact ke wajah se nayi credit approval tough hota hai.

Feeling overwhelmed? Contact Settlement on Loan for a free consultation today and take the first step toward reclaiming your financial freedom.