SBI HDFC Loan Restructuring & EMI Moratorium Scheme: The corona virus has had an impact not only in India but across the world. Due to the lockdown imposed to prevent the spread of the virus, the arrangements in every area have deteriorated. If the economy is affected, then per capita income has also fallen. The Loan Moratorium was announced by the Reserve Bank of India (RBI) to reduce the problems associated with repayment of loans. On completion of six months the Moratorium was also abolished on 31 August 2020. But the situation still cannot be said right. Because there are still problems related to employment.
Loan Restructuring Latest Scheme: Reserve Bank granted loan restructuring permission
People are still unable to make arrangements to repay their home loans and car loans taken from banks, due to which banks have sought permission for loan restructuring from Reserve Bank of India. In contrast to the current circumstances, the Reserve Bank of India has also allowed loan structuring to banks. Now all the banks have been allowed to extend the loan repayment period by 2 years. Many private and public banks have also started work on this. State Bank of India (SBI) had already implemented loan restructuring conditions, and now HDFC and some other banks are also applying their loan restructuring conditions (SBI HDFC Bank Loan Restructuring Latest Scheme).
Would it be right to take advantage of restructuring in home loans and car loans?
Many people are still unable to understand the terms of loan restructuring being issued by banks, so the same question is coming in everyone’s mind whether home loan and car loan ) But would it be right to take advantage of restructuring? To understand loan restructuring it is also important to understand how this can have an impact on financial health. If a person has lost his job, or is currently in a very poor financial position, then he can think about loan restructuring. But if he is able to repay the installment, then taking advantage of loan restructuring may outweigh it. If the financial situation is bad enough and there are no options left, then think about loan restructuring.
What kind of relief will be found in the restructuring framework?
If you have taken a loan from State Bank of India, you can get a moratorium of up to 24 months, and after that you will have to pay the loan installments. If you have lost your job due to coronavirus (Covid-19), and your financial condition is bad, then taking the help of restructuring framework can prove to be very beneficial for you. But keep in mind that during this period your interest will keep adding up, which you will have to repay later.
If your business or job has suffered due to Corona Virus, then you can also start your EMI from scratch. In such a situation, if you want, you can decide your EMI plan according to your upcoming economic conditions. But this will not change the interest in your discount period.
Who can take loan restructuring and what documents are required for this?
The RBI has clearly stated that the benefit of loan restructuring will be given to the person, institution or company whose loan is standard as on 31 March 2020, that is, it has not defaulted till that day. This clearly shows that only those whose loan restructuring facility will be provided due to the Kovid-19 epidemic, the financial condition has become extremely bad. To avail this scheme, you have to submit documents related to your employment or business to the bank. If you are employed, you may need a pay slip and a bank statement. If you are a self-employed / businessman then you may need bank statement, GST return, income tax return, industry certificate, etc. For the online restructuring application link, you have to visit the official website of the bank.
Will EMI amount increase or decrease when restructuring?
If you take the moratorium on the loan, you will have to pay EMI on completion of the period. But will the amount of this EMI increase or decrease? This will depend on how much your loan is left, how much EMI is left and how much time you take the moratorium. According to the information shared by the State Bank of India, if a customer is paying 7.00% interest today, then he will have to pay interest at the rate of 7.35 percent on taking advantage of restructuring. Apart from this, processing fees can also be recovered. Every bank will make its own rules, and offer restructuring plans. In such a situation, the advice is that if you have money to pay EMI, then there is no benefit in not restructuring.
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