At present, many banks offer loans for buying a house or car. Apart from this, many people also take personal loans to meet their general needs. The loan is easily available, but people face problems 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.
Know what the RBI rules say?
Credit Information Bureau India Limited (CIBIL) keeps track of people's loan or credit card expenses. A report came in which shocking revelations were made. It was said that the habit of taking unsecured loans (spending from credit cards) is increasing among people. Personal loans have also increased from pre-Covid levels. This report has served as a warning to the Reserve Bank of India.
Many people were having trouble 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 them more time to repay the loan. According to RBI guidelines, if you are not able to repay the loan, you can get it restructured.
If a person's EMI is Rs 50 thousand, then if he wants, he can get this amount restructured and change its timing. With this, his EMI can be reduced from Rs 0 thousand to Rs 25 thousand.
You can decide this amount at your convenience. If one does this, it provides immediate relief from the EMI burden, and the person is saved from the tag of loan defaulter.
If a person becomes a loan defaulter, both his credit history and health deteriorate. Due to this, your CIBIL score also deteriorates, which may block your chances of taking a loan in the future.
(PC: iStock)
