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Many banks and commercial institutions extended debt payment relief support during the start of the epidemic to help reduce the financial hardship that the country had been placed in.
Your payment holidays are probably no longer valid now that the lockdown restrictions have been lifted and many of us have returned to work. Some banks may give you a loan restructure. This is how your debt will be restructured.
Restructuring Of Your Personal Loan
The loan agreement cannot be simply extended by the payment holiday time that pertains to your situation because the interest, monthly service fees, and insurance premiums were not paid during the payment holiday period. These fees must be added to your overall loan payments and your repayment must be recalculated. To maintain your monthly payment the same as it was before you choose a payment holiday, your loan term must be extended. This means that you will have to return your loan over a longer period of time, but you will not have to pay a higher monthly amount.
How Will Nedbank Help Me?
Clients of Nedbank who took a payment holiday with us will have their loans modified. We will send you a loan addendum to confirm the extended loan term. All of your original agreement’s terms and conditions will remain in effect. We examine each term extension differently because it is dependent on the interest rate you were charged, the note fees, insurance, the loan amount, and the initial term.
What Are The Benefits Of Loan Restructuring?
This allows you to keep making the same payments on your personal loan that you were making before you chose the payment holiday option.
Example Showing Loan Restructuring Options
The example below shows how you can keep your monthly loan payment the same by extending your term. You do, however, have the option of extending your term by simply paying an additional fee for a specific period. The table below shows two instances of how this could be accomplished.
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