Dear readers, nowadays people fulfill their dreams by taking loans for house, car, education or business. If you have taken a loan to meet your financial needs, this news may prove useful for you. Whether you have taken a loan in a bank or a private company, this news of this new rule of RBI is important for you. Reserve Bank of India has changed the rules from today . Know what will be the benefit?
Know the loan holders, you can know the new rules from this Know the Loan Related New Rule of RBI article.
Know the Loan Related New Rule of RBI
f you have taken a car loan, home loan or personal loan from any bank or private finance company, but you are facing difficulty in repaying the loan amount, then today we have brought here an important thing for you. It is better to know enough about this rule of Reserve Bank of India (RBI) rather than spoiling your CIBIL record by becoming a defaulter. This rule of RBI will not only save you from defaulting but also help in reducing your loan interest or EMI.(1) Functioning of Credit Information Bureau India Limited (CIBIL)
Credit Information Bureau India Limited (CIBIL) monitors every spending activity of people living in the country through loans or credit cards. One of its reports released last year has made many revelations, which are truly shocking. And the report stated that the number of unsecured loan (credit card spending) borrowers is increasing, while personal loans have also increased from pre-corona levels. This report is a cautionary report for the Reserve Bank of India.(2) Relief from RBI rule
Facing difficulty in repaying the loan amount. Various regulations have been made by the RBI to provide relief to such people, which provide a relief to loan defaulters as it gives them extra time to repay the loan amount.(3) Restructuring is also an option
For example if you have taken a loan of Rs 2 lakh, but now due to some personal reason you are not able to pay it back in full. In such a situation, as per the new RBI rule, you can re-loan it again. In such a situation, you have to pay Rs 1 lakh and the remaining Rs 1 lakh can be gradually repaid over a long period of time as per your convenience and the new structure decided. In this way, your EMI and loan burden will also be lightened.(4) Become a defaulter, CIBIL record will be bad
Definitely loan restructuring is the best option for you. Because this option works to remove the stigma of loan defaulter from you. Being a loan defaulter has a negative impact on both one's credit history and health. This is the reason why your CIBIL score also deteriorates. And because of that, the way to take a loan in the future is also closed for you.Useful Important Link
Useful Important Link - Click HereOfficial Website - More Details
