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Technically, Restructuring of an existing loan is the provision of the Borrower with a new loan that fully covers the outstanding balance on an existing active or past due loan.
Restructuring is used when it is necessary to change the loan terms to make it easier to pay back and help the Borrower to avoid defaulting on current debts by negotiating reduced interest rates.
Loan Loans cannot be restructured if there have been made payments for future installments or if a promise to pay with a date in the future has been registered in the system.
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Click the “Restructure” button.
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At the top of the emerged window, you will see the current payment and the total amount of the debt to be restructured.
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Below is the information about the existing loan, you . You are basically defining the parameters of the new loan.
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Credit product: Select the type of new loan
Loan amount: Define the amount of the new loan. It can exceed the debt.
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Once you’ve defined the details, approximate payment for the repayment period will be defined, along with other details of the new loan.
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If the suggested schedule suits the customer, click “OK” and confirm the loan restructuring in the emerged pop-up.
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