A lender discussion is easier when the borrower can show the current loan position, repayment history, income and essential outgoings, other debts, the reason for the stress and a realistic repayment scenario rather than only asking for a lower EMI.
Useful information
- Latest loan statement and sanction terms
- Current EMI and overdue amount, if any
- Monthly income and essential expenditure
- Other loan and card obligations
- Reason for the repayment stress
- A realistic amount that can be serviced consistently
What a lower EMI may mean
Reducing the EMI can sometimes require a longer tenure or revised terms, which may increase the total amount paid. A repayment plan should therefore be assessed for both immediate affordability and longer-term cost.
Keep expectations realistic
Any restructuring, refinance, settlement or revised repayment arrangement is decided by the lender under its own policies and applicable rules. Professional support can organize the information and scenarios but cannot guarantee acceptance.