By News Desk 
In today’s time, taking a home loan, car loan, or personal loan has become very common. However, sometimes situations arise where repaying EMIs on time becomes difficult. In such cases, there’s no need to panic — a new rule by the Reserve Bank of India (RBI) can come to your rescue. This rule not only helps you avoid becoming a defaulter but can also reduce your EMI burden.
What Is the New Rule by RBI?
If a borrower is unable to repay their loan on time, they now have the option to get their loan restructured. This means the bank can modify the terms of your loan to make repayment easier for you.
Understand It With an Example
Suppose you have taken a loan of ₹10 lakh, but currently, you are struggling to pay the full EMI. As per RBI’s instructions, you can request your bank to restructure the loan. Under this, you may have to repay a portion upfront (for example, ₹5 lakh), while the remaining amount can be paid over a longer period through reduced EMIs.
What Are the Benefits?
- Lower EMI Amount: By extending the loan tenure, your monthly EMI will decrease, easing your financial stress.
- No Defaulter Tag: By paying the restructured EMIs on time, you will not be labeled as a defaulter.
- Credit Score Protection: Your CIBIL score will remain unaffected, making it easier for you to secure loans in the future.
- Maintain Bank Trust: The bank’s confidence in you will remain intact, helping preserve your credit history.
Why Is Your CIBIL Score Important?
CIBIL (Credit Information Bureau India Limited) monitors your credit history. If you fail to repay loans or credit card dues on time, your CIBIL score drops. A low score makes it challenging to get loans in the future because banks always check your credit score before approving a loan.
Who Can Benefit From This Rule?
- Individuals struggling to pay their EMIs for any reason
- Borrowers of personal loans, home loans, or any other type of loan
- People whose CIBIL scores are dropping and want to improve their credit history
Conclusion
If you are unable to pay your EMIs on time, don’t worry. Thanks to the new RBI rules, you can apply for loan restructuring and ease your financial burden. All you need to do is reach out to your bank and submit a request.