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If you have taken any kind of loan i.e. home loan, vehicle loan, personal loan and you are having trouble in paying its installments, then it is better to know this rule of Reserve Bank of India rather than defaulting. Is. This rule will save you from defaulting and will also help in reducing the interest or EMI of your loan.
Credit Information Bureau India Limited (CIBIL) keeps an eye on the loan or credit card spending habits of people in the country. Shocking revelations were made in one of its reports last year. In which it was said that people are burdened with unsecured loans (credit card loans). Whereas personal loans have also increased compared to before Covid. This report acted as a warning for RBI.
Relief from RBI rules
RBI has made several guidelines to provide relief to those people who were facing difficulty in paying the loan installments. Which is like a relief for loan defaulters. Because this gives them more time to repay the loan.
Up to half of the loan can be restructured
For example, you have a loan of Rs 10 lakh but you cannot repay it. So you can get it restructured as per RBI guidelines. In such a situation, you will have to pay Rs 5 lakh then and you can pay the remaining Rs 5 lakh gradually over a long period. In this way your EMI burden will also be reduced.
If CIBIL gets spoiled due to default
Loan restructuring is a good option. Because it removes the tag of loan defaulter from you. Defaulting on a person's loan harms both his credit history and health. Due to which your CIBIL score also gets spoiled. Due to which all avenues of taking loan are closed for you in future.