RBI Proposes Loan Restructuring as Moratorium Ends

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As the Coronavirus pandemic led to an economic standstill in the country, the Reserve Bank of India ordered banks to allow EMI Moratorium in order to help the borrowers who are under extreme financial stress and are unable to pay the EMIs. As per the guidelines of Moratorium, individuals who opt for it did not have to pay the EMIs but the interest kept on adding.

Now that the moratorium is going to end within a few days, the RBI has proposed another resolution for people who are still facing financial crisis. According to the report, if an individual is unable to service the personal loan even after 31st August then he/she can choose for loan restructuring.

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The resolution plan may vary from bank to bank and from individual to individual. In this case, the borrowers will have to reach out to their lenders for working out a repayment plan, suitable to both.

In simpler terms, loan restructuring refers to the process where banks are allowed to change the tenure and amount of EMI of a loan to suit the borrower.

While moratorium meant putting a halt on the EMIs for a designated period, loan restructuring means reducing the amount of EMI while increasing the loan tenure. This will help banks in maintaining the cash flow which became a huge problem for them due to moratorium.

Another important fact is that if a person who opted for loan moratorium goes for loan restructuring after August 31 then his/her loan will not be considered as a non-profitable asset (NPA).

So, if you’re still facing a financial crisis or worried about the fact that the moratorium will end soon then you can opt for loan restructuring by contacting your bank. Please visit our ‘Help Portal for more logistics related news and information.

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