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Restructuring of EMI on bank loan


12-Aug-2023 (In Banking / Finance Law)
I received business loan from a private bank. Amount 30lakhs. Tenure 10years. 3years completed. up to date EMI paid. Due to financial commitment, I requested the bank for reduce the EMI amount by increasing the tenure from 10years to 15years.(maximum tenure 15 years for business loan in that bank). I send my request to bank branch, customer care, loan branch, regional nodal officer, principal nodal officer etc. But the answer received is '"Not able to consider your request."' Nobody give the specific reason for why they have not consider my request. What I have to do for increase my tenure period.
Answers (1)

Answer #1
1000 votes
Extending the tenure of your loan from 10 years to 15 amounts to restructuring, which is subject to RBI guidelines and the lending bank's policy, and it cannot be demanded as a matter of right. Please explain to your bank why it is required convincingly, and negotiate a better deal with them.

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