A big announcement has been made about loan restructuring.
A big announcement has been made about loan restructuring. RBI said that by March 1, 2020, only accounts with no defaults will be considered eligible for restructuring under the scheme framework related to Corona epidemic.
- Last Updated:October 14, 2020 at 4:29 PM IS
The RBI said in the statement that amidst the corona virus spreading across the country, the government had a loan account for more than 30 days till 1 March 2020, but it was later implemented regularly. However, loan restructuring is applicable only to those who were divided as standard by March 1, 2020. However, such accounts can be resolved under prudential framework on June 7, 2019.
Whether the loan is eligible for restructuring planIf you want to find out whether you are eligible for a loan restructuring plan, then you should know about your recalculated EMI amount, loan repayment period and potential interest etc.
What to do to take advantage of Moratorium?
To take advantage of Moratorium, it is important to show that your income has been affected by the global epidemic. According to the SBI, salaried employees must show salary slips or account statements showing salary deductions or suspensions, or job losses during lockdown. Apart from this, people doing their business will have to give declare related to the closure or reduction of business during lockdown.
Explain that recently, the State Bank of India (SBI) recently announced loan restructuring to reduce the impact of the Kovid-19 epidemic on borrowers. Apart from this, many other banks can also bring their own loan restructuring plan as per RBI guidelines.
Consider before loan restructuring
Tell me that before taking loan restructuring, think well and only then take some decision. Without choosing an option to restructure a home loan, education loan, automobile loan or personal loan, there can also be losses.