Loan rebates to end, RBI’s loan-restructuring initiative to facilitate customers-banks

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RBI has announced a loan restructuring scheme for lenders (bank or non-banking financial institution). It will be a one-time re-structuring. Under this, the account of the borrowers who have not yet repaid the loan installments will not be changed in the NPA.



To prevent the economic situation of the people from deteriorating during the lockdown caused by the corona virus in the country, the Reserve Bank gave a moratorium on the EMI of all types of loans, due to which the borrowers were given some time relief to pay the EMI. This relief is coming to an end on 31 August and after this, everyone will have to repay their debt as before.

In such a situation, for the sudden increase in debt pressure on the consumers, the RBI has announced loan restructuring, which will provide some relief to the borrowers and banks alike. Under this new facility, the borrowers will be able to schedule their loan repayments in a new way.

Also Read: HDFC Top 100: This MF scheme has been giving 18% annual return for 24 years, 1 lakh has become 56 lakh

Important things about loan restructuring

RBI has announced a loan restructuring scheme for lenders (bank or non-banking financial institution). It will be a one-time re-structuring. Under this, the account of the borrowers who have not yet repaid the loan installments will not be changed in the NPA. This will remain a standard account.



Under this, borrowers can reschedule the loan EMI with their bank. However, this facility will be available only to those borrowers, whose loan repair has never been delayed until 31 March 2020. That is, any customer who has paid all his EMI before March 31, can take advantage of it.

Will get benefit for 2 years

Loan restructuring will be available only till 31 December 2020. Under this, there will be some change in the terms of loan repayment of the borrower. He can reschedule his payment period. If the loan amount is less, then the interest rates on it can also be changed.



Once the loan is restructured, it can be availed for 2 years. 90 days will be given for restructuring the loan. If this work is not completed in this period, then its benefit will not be taken and the bank will have to declare that loan as NPA.

The post Loan rebates to end, RBI’s loan-restructuring initiative to facilitate customers-banks appeared first on informalnewz.



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