Utility News Desk !!! At present, many banks give loans to buy a house or car. Apart from this, many people also take personal loans to meet their general needs. Loans are easily available, but people face difficulty in paying EMIs. Many times people face such a situation that they are not able to pay EMIs easily. To get rid of such problems, RBI has made a rule.
Credit Information Bureau India Limited (CIBIL) keeps an eye on people’s loan or credit card expenses. A report has come out in which shocking revelations have been made. It says that the habit of taking unsecured loans (credit card expenses) is increasing among the 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. According to 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. This can reduce its EMI from 0 thousand to 25 thousand rupees.
You can decide this amount as per your convenience. If someone does this, he gets immediate relief from the burden of EMI and he is saved from the tag of loan defaulter. If a person becomes a loan defaulter, both his credit history and health get spoiled. This also spoils your CIBIL score, which may stop your chances of getting a loan in future.
