Disclaimer:These values are for demonstration purposes only. Actual values will depend on a number of factors including eligibility and Fullerton India's policy at the time of loan restructuring.
How to use the Loan Restructuring Calculator?
- Enter your loan amount, interest rate and tenure
- If you had availed for a moratorium between Mar-May, 2020 then please enter the number of months for which moratorium had been availed. If you hadn’t opted for the same, select “0” from the dropdown.
- If you had availed for a moratorium between Jun – Aug, 2020 then please enter the number of months for which moratorium had been availed. If you hadn’t opted for the same, select “0” from the dropdown.
- Enter the last date on which you had paid your EMI
- If your account has been in default for more than the allowed number of days as per the RBI regulations pertaining to the one-time loan restructuring scheme, then you will not be eligible for loan restructuring. If you are eligible, enter more details to continue.
- Select whether you had opted for an EMI change or a tenure change post moratorium. If both EMI and tenure have changed post moratorium, please select “both”.
- Depending on your selection, the monthly EMI you are supposed to pay will be displayed along with the remaining number of EMIs. Please note that if both your EMI and tenure had changed post moratorium, you will need to check your latest loan schedule and enter the EMI and remaining EMIs accordingly. This EMI amount will be the EMI that you were supposed to pay from Sep, 2020. In the next field, please enter the remaining EMIs you are supposed to pay from Sep, 2020. Please refer to the latest schedule shared with you for this purpose. You can also check these values through the logged in section or through the m-connect app.
- Now enter the EMI amount you are willing to pay per month.
- Select the interest rate. For the sake of accuracy, please select the same rate as per the original schedule.
- You will be able to see the number of EMIs you will now have to pay if your loan gets restructured as per the conditions in step #9, along with the increase in the total interest payable over the loan tenure.
- As per RBI regulations, tenure extension cannot be for more than 24 months. Thus, if the tenure is getting extended for more than 24 months, this means that you will need to pay a higher EMI amount than the one you have entered. Please change the values entered in step #8 to continue.
Please note that this calculator is not valid in cases where:
- Pre-EMI / part payments have been made prior to loan restructuring
- Terms of your loan had been readjusted before moratorium/loan restructuring
- The aim of this calculator is to give you an approximate idea of how opting for loan restructuring may affect your loan. Values are indicative, and may not take into account other charges such as insurance, any bounce / penalty charges / loan restructuring fees, etc.
How to Apply for Loan Restructuring?
If you wish to opt for the loan restructuring scheme, please follow the steps below:
- Click on “Contact us” link from the top menu on this page
- Select “Existing customer”
- Enter the loan account number or LAN id for the loan you wish to get restructured. Please click here to know more about what LAN id is and how you may check the same.
- Enter your mobile number and email address (as registered with us)
- Select “One-time loan restructuring” from both the dropdowns
- Enter your information in the fields that follow. This will include details of the impact of COVID-19 on your income as well as other information.
- Please ensure you enter all details correctly, as your application will be evaluated based on the same.
- Complete the captcha and click on “Submit”
- If you have multiple loans, please apply separately for each one that you want to get restructured by submitting separate requests. Please ensure that you enter the LAN for each loan correctly.
Based on the information provided, Fullerton India will evaluate your request and determine your eligibility for the loan restructuring scheme based on the regulatory guidelines and our policy for the same. If your request is accepted, you will be contacted by a representative for more details, and will also be asked to submit required documents in your nearest Fullerton India branch.
Eligibility Criteria for Loan Restructuring
Here are a few basic eligibility criteria for the one-time loan restructuring scheme. Please note that this list is indicative, and actual eligibility will depend on a variety of factors, including Fullerton India’s policy at the time of application.
- The applicant must have not been more than 30 days overdue on EMI/Interest payment as on Mar 01, 2020. This period is 89 days for MSME loan borrowers with borrowing from banks and NBFCs below Rs. 25 crores.
- The applicant must have been impacted financially in terms of loss or reduction of income/cash flows due to the COVID-19 pandemic.
Please note that:
- Eligibility will be determined based on the reduction in income and its financial impact on the applicant. This will depend on our evaluation of the information as well as supporting documents provided by the applicant.
- We will then assess the ability of the applicant to be able to resume payment of revised EMI/interest agreed upon before approving the resolution plan.
- Loan restructuring eligibility will also be determined based on the applicant’s repayment history, and the responses are given while availing the RBI moratorium between Mar – Aug, 2020.
Loan Restructuring Documentation
Here is a list of some basic documents that you may be asked to submit if your loan restructuring request gets accepted. Please note that this list is indicative, and depending on your individual profile and eligibility, additional documents may also be requested.
For salaried borrowers:
- Salary slips and bank statements from Feb – Aug, 2020
- In the case of co-applicants, documentation for all parties will be requested
For self-employed borrowers/ entities:
- Bank statements from Feb – Aug, 2020
- GST returns
- Income tax returns
- Udyam certificate
- In the case of multiple applicants/entities, documentation of all concerned parties will be required.
In case of secured loans, depending on the loan amount at the time of restructuring, if any additional collateral is required, then documentation pertaining to the same will also be requested.