At present, many banks give loans to buy a house or car. Apart from this, many people also take personal loan to meet their general needs. Loan is easily available, but people face difficulty in paying EMI. Many times people face such a situation that they are not able to pay the EMI easily. To get rid of this kind of problem, RBI has made a rule.
Credit Information Bureau India Limited (CIBIL) keeps track of people’s loan or credit card expenses. A report has come out which has shocking revelations. It has been said that the habit of taking unsecured loans (credit card expenses) is increasing among people. Personal loans have also increased from pre-Covid levels. This report is a warning for the Reserve Bank of India.
There are many people who were having difficulty in repaying the loan. To provide relief to such people, many guidelines have been made by RBI. This is a big relief for loan defaulters, as it gives more time to repay the loan. As per RBI guidelines, if you are unable to repay the loan, you can get it restructured. If a person’s EMI is Rs 50 thousand, then if he wants, he can restructure this amount and can also change its timing. With this, its EMI can be reduced from 0 thousand to 25 thousand rupees.
You can decide this amount as per your convenience. If one does this, he gets immediate relief from the EMI burden and is saved from the tag of a loan defaulter. If a person becomes a loan defaulter, both his credit history and health get spoiled. Due to this, your CIBIL score also gets spoiled, which may stop your chances of getting a loan in future.
