At present, most people take loans from banks to meet their needs. Many people take home loans, car loans, or personal loans. If you have also taken a loan from the bank for some work, then you should know this rule of the Reserve Bank of India (RBI). This rule of RBI will save you from being a defaulter and will also help in reducing the loan interest or EMI.
Credit Information Bureau India Limited (CIBIL) keeps an eye on the spending habits of people through loans or credit cards. Last year 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.
Relief from RBI rules
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.
If you have taken a loan of Rs 10 lakh, but due to some reason you are not able to repay it in full. So you can get the loan restructured as per the guidelines of RBI. In such a situation, you will have to pay Rs 5 lakh then and the remaining Rs 5 lakh can be paid gradually over a long period. This will also reduce the EMI pressure on you.
Restructuring the loan is a better option for the borrowers. This works to remove the tag of loan defaulter from you.
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)
