Loan write off??💰🧧 What happens when loan is written off?🤨

There is a difference between loan write-off and waive-off. Your lender will write off the loan to have a clean balance sheet. The loan is not closed by the bank/lender. While in waive-off borrower need not pay the outstanding loan amount. The individual is free from the burden of repaying the due loan amount & no legal action is taken against the borrower. Tags: #upscaspirants #upsc #currentaffairs #loanwriteoff #banks