Loan Restructuring Ganesh Capfin
Ease in tension - If your business is currently paying back multiple loans every month, you’ll spend a lot of time juggling the various repayments, which can be very time-consuming. Restructuring your company’s debt could help reduce the number of monthly repayments you have to keep track of by consolidating these into one payment, making your life simpler and allowing you to get back to running your business.
Plan next step - If you’re currently paying off numerous loans, which may have different interest rates and loan terms, it can be difficult to plan your company’s finances. Restructuring your company debt into a single loan allows you to make plans for your business’s future growth.
Improved cashflow - The outstanding debts you’re repaying each month may be taking up a significant proportion of the cash in your business, causing a strain on your working capital availability and leaving you unable to carry out your plans to grow your business. Restructuring these debts can mean you’re making lower repayments each month, freeing up cash for running your business and enabling you to grow.
Basic eligibility criteria
Many of us have taken loans to finance some of life’s major events: buying the family car, becoming homeowners, marrying off a family member, or paying for a medical emergency. Sometimes, because of circumstances beyond our control, we are unable to repay our loans in a timely manner. There are two major consequences of failing to repay your debts. If you default on your payments, your credit rating will go down. This will make taking loans in the future difficult, if not impossible.
Second, the property which was used as collateral for the loan can be repossessed and later auctioned by the lender after following a due legal process.
All borrowers are provided with the opportunity and have the right to approach the bank if there is any difficulty in repaying the installments and to choose an option to restructure their debt to enable a smooth repayment process.
Documents Required
- Valid Proof of Applicant's Identity (any one of the following): Voter ID Card/Passport/PAN Card/Driving License
- Proof of Residence (any one of the following): Ration Card/Passport/Utility Bill
- Proof of Age (any one of the following): Voter ID Card/Passport/PAN Card/Driving License
- Income Proof: Latest 3 month's Salary Slips and Form 16.
- Job Continuity Proof: Current Employment Certificate or Current Job Appointment letter and Experience Certificate
- Bank Statement: Latest 6 month's statement from bank
- 1 Passport size color Photograph
- If there are existing loans submit Payment Track Record and sanction letter
- Valid Proof of Applicant's Identity (any one of the following): Voter ID Card/Passport/PAN Card/Driving License
- Proof of Residence (any one of the following): Ration Card/Passport/Utility Bill
- Proof of Age (any one of the following): Voter ID Card/Passport/PAN Card/Driving License
- Office Address Proof: Property Document/Maintenance Bills/Utility Bill
- Office Ownership Proof: Property Documents/Maintenance Bill/Electricity Bill
- Business Existence Proof: 3 years old Salary Statement/Shop Establishment
- Income Proof: Latest 2 years Income Tax Returns including Computation.