As we are now starting to resume life back to normal in this pandemic, this news might come as a shock to many. The loan moratorium period ends on August 31st, 2020.
Yes, this began in March 2020 when the pandemic forced many to lose their jobs or work on meager salaries. RBI took this step to ease the burden on EMI paying individuals by providing a moratorium period from March to May 2020.
End of May, seeing that the pandemic was going nowhere, they decided to extend the moratorium period from June to August. As we are now just a few days away before the month ends, is there a solution to this major problem?
The answer is YES!!!
Although loan moratorium is ending, you can now opt for loan restructuring.
What is loan restructuring?
Loan restructuring takes place when your Bank changes terms on your loans.
For e.g. When you have a personal loan and finding it difficult to repay the personal loan. Here you can discuss with the Bank, and they can change the terms on your loan.
Here’s what can happen when you opt for loan restructuring:
1. Lower interest rate – Banks can reduce the interest rate on your personal loan. Doing this will help you save a lot of interest money and reduce the burden on yourself.
2. Increase the loan tenure – When your Bank is not ready to reduce the interest rate, they can increase your loan tenure. This will automatically reduce your loan EMI and you can then easily pay off the loan.
This is the best solution for any individual with a personal loan today. If you wish to know more about personal loans, you can visit the Ruloans web portal and Apply for the best personal loan in India. You can also find the best deals and lowest interest rates on Personal loans in India on our website.