6 Factors to Consider Before opting for a Personal Loan Restructuring
If you are a personal loan customer and finding it tough to make repayments, then you can avail the personal loan restructuring.
For managing extra financial needs, you can also consider applying for the top up personal loan.
The top up personal loan can help you get a large amount to manage additional financial requirements. If you wish to go for the personal loan restructuring, then you should consider a few factors. Read on!
- Final restructuring guidelines will vary across lenders
The guidelines for the personal loan restructuring are to be announced by lenders themselves. It means that the new loan rates and the tenure will be determined on the basis of the guidelines issued by your lender. The bank/lender will decide if they wish to extend the COVID-19 moratorium and restructure the loan or not. You should get in touch with your lender to know more.
2. Know your basic loan restructuring eligibility
The personal loan restructuring eligibility will differ from lenders to lenders. Hence, before looking to even apply for the same, you should be aware of the eligibility norms.
3. Check the overall cost of the restructuring
The restructuring of the personal loan may increase or decrease the cost of the loan. Hence, you should be aware of the cost of going ahead with the loan restructuring.
4. Loan restructuring may be available for a max 2 years
As per the RBI guideline, the maximum window for the loan structuring can’t be more than 2 years. If you wish to extend it further to reduce the cost of the same, you can consider opting for the balance transfer. With the balance transfer, you can also enjoy top up personal loan and gather funds for anything extra.
5. Missed payments will affect your CIBIL score
Needless to say, but if you don’t make timely repayments, then your credit score will be hampered. It will not help you get the loan approval for the next loan.
6. Seek professional help in advance
Before going ahead with the loan restructuring, you should get professional financial help to be in complete control of the same.
Bajaj Finserv offers pre-approved deals on personal loans and more to make your loan processing hassle-free.
It is possible to check out your pre-approved loan offers after sharing basic details such as your name and mobile number.
Must Read: Everything You Should Know About Top-Up Personal Loan
