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Relish the Relaxation with ICICI Bank Loan Restructuring Plan ?

https://www.afinoz.com/blogs/relish-the-relaxation-with-icici-bank-loan-restructuring-plan

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Relish the Relaxation with ICICI Bank Loan Restructuring Plan ?

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  1. RELISH THE RELAXATION WITH ICICI BANK LOAN RESTRUCTURING PLAN EMAIL- INFO@AFINOZ.COM WEBSITE- HTTPS://WWW.AFINOZ.COM/BLOGS/RELISH-THE-RELAXATION-WITH-ICICI-BANK-LOAN-RESTRUCTURING- PLAN

  2. RELISH THE RELAXATION WITH ICICI BANK LOAN RESTRUCTURING PLAN Have you got hit financially by the pandemic and have a loan obligation in ICICI Bank? Then keep calm as after reading this post you'll feel much relaxed.  The Reserve Bank of India recently released a framework to banks and other lending financial institutions to offer resolution plans to reduce the financial burden of the borrowers. Consequently, many banks have come up with their resolution plans.  Following the RBI's framework for COVID-19 related stress, ICICI Bank has also come up to stand in a concord with its customers who got hit due to the coronavirus pandemic. The bank has brought up some relaxation with its recent guidelines on loan restructuring.  So, before you get to know about the relaxation plan, we guess there would be many of you, who are still not aware of this facility or benefit. Keeping this in view, let's get to know about the loan restructure firstly 

  3. WHAT IS LOAN RESTRUCTURING AND HOW IT HELPS ?  In easiest terms, if you have taken a loan from a lender and fail to pay off it in line with the terms and conditions of the loan agreement, the lender may ask you to repay the liability. Furthermore, if necessary, the lender may also step ahead with legal procedures. However, if you submit a timely and proper loan restructuring application to the lender, as a result, you can get relaxation with certain benefits

  4. ICICI BANK LOAN RESTRUCTURING PLAN  ICICI Bank is offering up to 2 years of moratorium benefit to retail borrowers under its loan restructuring plan. Those who have obligations to repay the loan or the credit card EMIs can apply for a one-time loan restructuring plan.  In line with the FAQs issued by ICICI Bank on its official portal, an individual will have to fulfill the eligibility criteria to apply under the loan restructuring scheme. One will have to apply for the loan restructuring on or before December 18, 2020.

  5. ELIGIBLE CREDIT FACILITIES FOR LOAN RESTRUCTURING  Individuals and businesses with credit facilities classified as ‘Standard Account’ and are not in default for over 30 days as of March 1, 2020, are eligible to apply under the ICICI Bank loan restructuring scheme.  The credit facilities should remain as ‘Standard Account’ till the invocation date* of the application for the restructuring.  *Note: The invocation date is the date on which both the borrower and the lender accept to continue with the resolution plan.  Those who got hit financially in any way due to the coronavirus pandemic are eligible to apply for the loan restructuring scheme. However, the bank will assess the impact on the borrower’s cash flow or income based on documentation and details proposed

  6. THANKING YOU………  Email- Info@afinoz.com  Website- https://www.afinoz.com/blogs/relish-the-relaxation-with-icici-bank-loan-restructuring-plan

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