If you are planning to have loan restructuring, beware, credit score will be bad and you will have to pay extra money for restructuring.
You can get a car loan, personal loan or any type of loan restructuring
According to the RBI, the loan restructuring can be availed till December 31
The RBI has asked lending relief banks to restructure the loans of borrowers who are having difficulty repaying loans due to financial constraints during the Corona period. In this case, if you are also considering restructuring the loan, it is important to know what effect it will have on you first. Restructuring a loan without thinking can cost you money. This is mentioned in the area here, so you can make the right decision.
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There will be a negative impact on the credit score
At the time the loan moratorium was announced, it was said that it would not adversely affect the credit score of the beneficiaries. But no such announcement has been made in the case of loan restructuring. The option of loan restructuring can directly or indirectly affect your credit score. When you apply for a loan somewhere in the future it will appear in your profile and have a negative impact on it. In such a case, you should avoid restructuring the loan if you are thinking of taking a loan again in the future.
Extra money will have to be paid for restructuring
You will have to pay a separate processing fee on the restructured loan. Apart from this, you may have to pay higher interest rate than the current loan. Restructured loans will increase the repayment period, so you will have to pay more interest than before. So, instead of taking advantage of the restructuring facility, try to repay this loan based on the available resources.
Will affect the ability to borrow in the future
Choosing the option of loan restructuring will extend the term of your loan. This means that your ability to borrow will decrease in the long run. Suppose you restructured your loan and made it 10 years instead of 5 years. In that case, you will no longer be able to take out a new loan for 10 years. Banks will not give you a new loan until your previous loan is repaid or your income increases. Therefore, the option of loan restructuring should be chosen according to your future needs.
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Complete the loan through another investment
If you have a fixed deposit or enough money in your PF account, you should repay the loan by withdrawing money from it instead of restructuring the loan. You can also repay your loan by taking a loan as required on a fixed deposit. You can get this loan at a very low interest rate.
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Who can take advantage of this?
Restructuring of customer loan will be done for those who have not paid installments in the last few days. Customers who are paying regular EMI will not be able to avail this facility. According to the RBI, the benefit of loan restructuring will be available till December 31.
What can happen in restructuring?
Under restructuring, suppose you have to pay Rs 10,000 per month as EMI and your 5 year loan is outstanding. So the bank will reach your EMI of these 4 months in just 5 years. Not only that, if you want to reduce your EMI amount then you can extend the time limit to pay your loan to the bank. This will benefit you or reduce your monthly EMI.
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