Amit Pandey
3 years ago
I had taken a loan on my credit card in January 2020, repayable in 48 EMIs of approximately 20000 per month. I paid two EMIs, then covid happened. I am jobless since April 2020. I utilised the two-part moratorium till August 31. I am offered a restructure plan which is beyond my paying capacity. The company is asking me to pay 35000 per month in 24 EMIs (all other plans are of higher monthly EMIs). My query is:
1) can I ask for an extended repayment schedule. For example, 36, 48, etc months?
2) can I ask for moratorium extension (upto two years as per RBI guidelines) as it might take a little while for me to stabilise.
Ayantika Mondal @ Prime Legal
Responded 3 years ago
You can request for either of the two solutions, but it is up to the bank whether they choose to grant it or not.
Yes, you can request for either of the two solutions, but it is entirely up to the bank whether they choose to grant it or not.
Ankur Goel @ Complete Law Shield
Responded 3 years ago
but credit card loan is always heavy interest.
you should try personal loan if possible and clear credit card loan to save interest.
you can ask for extending the loan.
Hope this clarifies,
Advocate Ankur Goel (Complete Law Shield)
#YourLifeYourChoice
You may request the same and if bankers are not co-operative then approach Banking Ombudsman who will resolve the issue.
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