I have took a personal loan from IDBI in year 2006. I was a regular payer and paid 36 installments till the time out of 48.Due to family problems I was not able to give balance installments on time.Now I want to settle this loan.When I was visited to the collection manger he told me that the balance is of Rs. 173000.00 and he would able to settle this amount at Rs. 150000.00 which was my loan amount.In April 2010 ,they have given me offer to settle the loan at Rs. 90000.00 but as per my records the balance is of around Rs. 61000.00.

How can I settle my loan at this lower amount ??

Contact to the Loan Manager of IDBI, they may batter help you in this regards.

Thanks for your reply.I have talked with the customer care once and they told me the decesion of collection manager is final.I am planning to go consumer court .Will it help me ??