Loan EMI: This rule of RBI will save those who do not pay loan EMI on time from becoming defaulters..

Loan Default: Many people are not able to pay their home loan EMI on time. Many among them are forced to do so and due to this compulsion they fall into the category of loan defaulters. They face problems in taking loans from banks in the future as well.

Now the new rule of RBI (Reserve Bank of India) will provide relief to these people. Along with this, the advantage of this rule of RBI (RBI's new rules for EMI) will be that the loan holder will not have to worry about loan default and his CIBIL score will also not be affected.

Do not let it affect the CIBIL score-

The CIBIL score is related to the loan or credit card expenses of the people. The agencies that determine the CIBIL score monitor it. Every three months, the CIBIL report of the consumer taking a loan or credit card is prepared by the banks (bank news) and sent to the credit agencies.

Based on this report, the CIBIL score goes up and down. The CIBIL score is the history of paying the loan and credit card bills and EMIs, and how you have paid them. In this, whether you have been able to pay on time (loan repayment rules) or have delayed it.

Keep this in mind-

The CIBIL score improves if the bills and EMIs are paid on time (loan EMI repayment rules), but it deteriorates if it is irregular. Therefore, always maintain your credit behavior with banks. According to a report released recently, there has been an increase in the expenses of people due to credit cards (credit card rules).

Importance of CIBIL score in loans-

If a person is tagged as a loan defaulter, then he faces problems in getting a loan for many years. The credit score is fixed between 300 to 900 (cibil score range), which can be different for every customer. Usually, a loan is easily available if the credit score is 750 or above. A CIBIL score below 600 (CIBIL Score News) is considered normal and below 500 is usually considered bad. It is bad for many reasons and can also be improved in many ways (how to improve cibil score).

RBI has fixed this rule -

RBI has given the option of loan restructuring for customers to prevent loan default (loan default rules). Customers can benefit from this. By getting the loan restructured, customers can save their CIBIL score from getting bad and can easily pay the loan EMI (Loan EMI rules). In this, if a person's EMI is Rs 50 thousand per month, then he can also change the loan period by restructuring this amount.

With this, the loan EMI can be reduced from 50 thousand to 25 thousand rupees i.e. half. There is also an option in loan restructuring to decide the loan EMI (RBI loan default rules) as per your convenience. By doing this, the customer gets relief from the EMI pressure and avoids becoming a loan defaulter (how to get rid from loan default).

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