look news india
Many times it happens that we take a loan from the bank but are unable to repay the installment on time due to job loss, health problems or any other financial crisis. In such a situation, you do not need to worry.
In this report, we will discuss those options in detail. Proper information and sensible steps related to banks and loans will not only solve your current problem but will also secure your financial future.
take care of these things
1. Contact the bank: If for some reason your first installment bounces, you should immediately go to the lending bank and talk to the manager there. Usually in such a situation, the manager advises to pay the next installment carefully. But if the reason for not paying the installment is really big, then you can apply to stop the monthly installment for a few months. This application will give you relief for a few months and later when the money is arranged, the amount can be paid. However, the discretion of the manager plays a big role in this.
2. Restructuring or Moratorium: Banks may sometimes restructure the loan terms or provide a moratorium for a period of time, wherein you do not have to pay EMIs for a period of time.
3. Increasing the loan tenure: In such a case, you can talk to the bank manager and request to extend your loan tenure, which will reduce the amount of EMI you pay every month.
4. Overdraft or Top-up Loan: If you are completely unable to pay the loan installments on time, you can apply for an overdraft facility or top-up loan, which can provide additional funds. Overdraft is a type of credit facility that the bank provides you on your current account or savings account. In this, the bank allows you to withdraw more money than the balance available in the account.
5. Consolidation Loan: If a person has taken many small loans and is facing difficulty in paying EMI, then in such a situation you can take a consolidation loan, through which you can combine all the loans into a single loan and one EMI has to be paid.