Reserve Bank of India (RBI) has brought great relief for you. The RBI has announced a loan restructuring scheme. This can give you up to 2 years relief on loan EMI.
New Delhi: Between the Lockdown and the Coronavirus epidemic, recession is expected. There are many people who are having difficulty in paying EMI of their loan in this hour of crisis. But now you don’t have to worry. Reserve Bank of India (RBI) has brought great relief for you. The RBI has announced a loan restructuring scheme. With this, you can get a relief of up to 2 years on the EMI of the loan. We tell you about this loan restructuring scheme…
According to our partner zeebiz.com, under the loan restructuring scheme, banks will be able to change the repayment schedule of the customer’s loan. Under this scheme, in order to reduce EMI in the current conditions, the facility of extending the loan period of the customers can be provided. Apart from this, you have a payment holiday(Payment Holiday) is also available. All types of loans are included under this. Restructuring of loans will reduce the EMI of customers for a few months. Under this scheme, EMI can also be avoided for a few months due to loan restructuring.
These options will be available in loan restructuring
There are many options you can get under loan restructuring. For example, you can make payment reshedule of your existing loan. Apart from this, you can take a separate loan for increased interest due to taking advantage of Moratorium. Customers can extend the duration of their existing loan so that they can get some relief in this moment of contract. Let’s say thatYou will get the facility to extend the discount on the loan up to a maximum of 2 years. Keep in mind that the interest rate of the loan will be decided by the bank. The banks have been empowered to take decisions by looking at the situation of the customer.
Personal loan and loan restructuring
Personal loan holders will also get the benefit of loan restructuring scheme. Due to this scheme, RBI has tried to give relief to both bank and customer from the crisis of Corona period. This will also help in reducing NPA.
When should you take advantage of loan restructuring
Restructuring the loan will give you immediate relief but the interest expense will increase. You can take advantage of the scheme only if you are unable to pay the loan. This scheme is a better option if income has been affected in the Corona period. Take advantage of the loan restructuring scheme only if you fear that the cash flow will not improve for a long period. While taking the scheme, keep an account of the rising interest.
Who can get loan restructuring
If your cash flow has been affected and you need immediate relief then you can get the loan restructured. Your loan account status must be standard. By March 1, 2020, your account should not be in default for more than 30 days.
Non-bank loans can also be restructured
Loans from commercial banks, small finance banks and local banks are included in this scheme under the facility provided by the Reserve Bank of India. NBFCs, HFCs, co-operative bank loans will also get restructuring facility.
Benefits of loan restructuring
NPA will not be loaned by taking advantage of the scheme
Bank will not forcibly collect from customers
Restructuring can reduce your EMI
Restructuring will increase loan tenure
Source: zeenews.india.com
