How to reschedule loan in bank and credit union
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After getting a loan from a bank or Credit union, if the loan is not doing well or the funds from business are not enough to repay the loan as agreed on a loan schedule, you still have the possibility of rescheduling the loan. You may want to ask; What's loan Reschedule? Get a brief definition below.
What is a loan reschedule?
Loan Reschedule is when the amortisation plan of a loan is redo to meet the borrowers capacity to repay a loan without being delinquent. Also read: Njangi Finance and how it works.
How to reschedule a loan
To reschedule a loan in a bank or Credit union, the borrower must
Meet some few conditions which includes:
The repayment capacity and willingness is proven Fact
If the loan balance is not in arrears
The new duration must be within banks or Credit union lending policy.
So, if you meet all the conditions above?
Move to your credit union or Bank
Meet the Loan officer
Table your issue
Your loan will be rescheduled.
Important notes
Before rescheduling a loan,
Interest accrued and and default charges due date must be paid upfront but in some cases, it can be added on the loan amount depending.
Conclusion
After getting a loan from any bank or Credit union, don't hesitate to go towards them if things are not moving well.
Also read: types loans in Credit union Cameroon