Yes, loan restructuring can provide much-needed relief to borrowers facing financial challenges, offering a chance to regain control over their financial situation and avoid default.
Yes, loan restructuring may have a temporary impact on your credit score. However, successfully adhering to the restructured terms can help improve your creditworthiness in the long run.
Yes, there can be costs associated with loan restructuring, including processing fees and administrative charges. These costs may vary based on the lender and the type of loan.
Yes, many financial institutions offer online platforms to initiate the loan restructuring process, streamlining the application and documentation submission for added convenience. You can do so on the Kotak Mahindra Bank website as well.
Disclaimer: This Article is for information purpose only. The views expressed in this Article do not necessarily constitute the views of Kotak Mahindra Bank Ltd. (“Bank”) or its employees. Bank make no warranty of any kind with respect to the completeness or accuracy of the material and articles contained in this Newsletter. The information contained in this Article is sourced from empaneled external experts for the benefit of the customers and it does not constitute legal advice from Kotak. Kotak, its directors, employees and the contributors shall not be responsible or liable for any damage or loss resulting from or arising due to reliance on or use of any information contained herein.