RBI Loan Rule: Many times people even commit suicide due to loan issues. In such a situation, the question arises that how can we get relief from this? The answer lies in the rules of RBI.
RBI Loan Rule: Nowadays many people take loans from banks to meet their needs. Home loan, car loan or personal loan, there are many types of loans. If you have also taken a loan from the bank, then you should know the rules of the Reserve Bank of India (RBI). These RBI rules will save you from default and will also help in reducing EMI.
What are the rules?
‘Credit Information Bureau India Limited’ (CIBIL) monitors the loan or credit card spending habits of people. It was told in a report that the habit of taking unsecured loans (spending from credit cards) is increasing among people. Personal loans have also increased from the pre-Covid level. For example, you have taken a loan of Rs 10 lakh, but you are not able to repay it due to some reason. So you can get the loan restructured as per the guidelines of RBI. With this, 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.
This is the benefit
Restructuring a loan is a better option for people, as it helps in removing the tag of loan default from them. When a person becomes a loan defaulter, his credit history gets spoiled. Due to this, CIBIL score may also fall, which may block the way for taking loan in future. Any bank checks your CIBIL score once before giving a loan. He approves the loan only if it is as per his standards. Otherwise the loan amount is rejected.
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