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.
What is the process to get my loan restructured?
If you are facing financial difficulties as a result of the pandemic and are seeking relief with respect to your EMIs, you must submit a request with us online to get your loan restructured. Here are the steps to apply for the one time loan restructuring scheme:
- Please visit the one time loan restructuring form page
- Fill in your Loan Account Number (LAN). Please ensure you enter the same mobile number and email address as the ones that are registered with us.
- Enter the other requested information and submit the form
We will evaluate your request based on the information you provide and determine your eligibility as per our policy and regulatory guidelines for the same. If considered eligible, we will get in touch with you for next steps.
Please note that:
- Requests on email may not be considered.
- Your loan will not get automatically restructured.
- You will need to apply for the same in the manner described above and a process of verification will follow.
- Only upon successful verification, you will be contacted by our team to discuss loan restructuring terms.
- Upon your acceptance, new terms will be communicated to you.
Please scroll down and check the FAQs on this page to understand how to apply for loan restructuring in detailed steps.
Who can apply for loan restructuring?
To be eligible for loan restructuring, the basic requirements are as follows:
- The applicant’s loan account must have no dues pending as on Mar 01, 2020 or dues overdue for less than 30 days (89 days for MSME customers).
- The applicant’s income should have been impacted as a result of the COVID-19 pandemic
- The applicant’s credit report and repayment history should match the eligibility as per Fullerton India’s policy as well as the regulatory guidelines for one time loan restructuring
Please have a look at our FAQs section for more details, or click here to view our detailed policy.
Loan Restructuring Documentation
If your application gets accepted, you will be asked to submit some documentation like
- Income proof - Salary slips before and after Mar 01, 2020 (for salaried) and income statements for self-employed / business entities
- KYC documents – this is required if any of your details like address, etc. has changed ever since the last time you had submitted your KYC documents
- Bank statements - last 3 months for salaried; last 6 months + statements from Dec ,2019 till end of Feb, 2020 for self-employed / business entities
- For self-employed applicants and business entities – GST returns, MSME registration certificate, income tax returns, etc. (if applicable) are also required.
These will have to be submitted at your nearest branch, so that we can further process your request for one time loan restructuring. Please note that
- You will have to provide documents for each and every loan that you need to be restructured
- In case of multiple applicants / co-applicants, documents for each person will have to be submitted
- In the case of secured loans, documents related to additional collateral may also be required depending on the loan amount.
The loan restructuring request will get processed only if all the requisite documents are submitted and are verified as per our policy. To know more, please have a look at our FAQs in this page by scrolling below. You can also check our detailed policy here for more information.