Banks offer loans with different repayment terms for individuals' urgent cash needs or high-stakes shopping. In this way, bank customers can meet their instant cash needs and pay off their loan debts by making regular payments to the bank for a certain period of time, along with interest. Today, banks offer loan options for many different needs (such as housing, vehicles, holidays, weddings).
Since it is possible to encounter unexpected situations at any moment in life, bank customers from time to time may have difficulty repaying their loans and find the solution by resorting to the loan restructuring method. In this way, bank customers with loan debts can reduce the monthly payment amounts of their debts according to the amount they can pay and spread the total debt payment over a longer term. We have compiled for you those who are curious about credit structuring.
What is Credit Configuration?
Loan restructuring is the restructuring of the existing loan with new conditions for the remaining balance, if the loan debt to any bank cannot be paid for various reasons. Each bank offers its customers different offers, interest rates and maturity periods for loan restructuring transactions.
How is Credit Configuration Made?
The most important thing to consider when using a debt restructuring loan is the current interest rates given by the bank. The interest rates to be paid on the restructuring loan are always different from the old loan. For this reason, when applying the structuring method, it is best to examine the current interest rates and make a decision accordingly. In addition to the interest, it is also necessary to consider the additional costs that will arise due to debt restructuring.
When the loan installments, which must be paid regularly every month, are delayed, banks may offer their customers a restructuring and may want to discuss options. Customers who realize that they cannot pay their loan debt can also act before the bank and forward their loan restructuring requests to their banks if they wish. Making the loan restructuring application before the installments are delayed, that is, before the bank offers it, also prevents the credit rating from falling.
How is Credit Configuration Calculation Made?
While calculating the loan restructuring, the interest rate to which the balance will be subjected varies according to the type of loan. The maturity period is also different for each loan type (housing, consumer, vehicle, etc.). On the other hand, as mentioned before, each bank offers different loan restructuring options for its customers. Of course, when choosing the right bank for debt restructuring, it is necessary to consider the total amount of debt.
What are the Debt Structuring Conditions?
Banks put forward different conditions depending on the type of loan to be structured. Interest rate, maturity period, installment amount or minimum payment amount are some of these differences. Depending on the type of debt being restructured, in case the interest rates are reduced in accordance with the current conditions, restructuring of the debt according to the current interest may be in question upon request. However, in case of restructuring of debts, banks can claim expenses for the new loan to be used. These costs include the standard expenses of banks in such transactions, such as loan allocation fee, insurance premium amount.
Types of Credit Configuration
Banks offer different payment terms for different loan types. Housing loans, credit card/additional account debts, and consumer loans are the types where the most restructuring requests are received.
- Housing Loan Configuration
The most important thing that most people pay attention to when buying a new home is its suitability for credit. Thanks to housing loans, bank customers can complete the remaining amount in installments every month after meeting the required down payment, and if the maturity period expires and all their debts are paid, they become the full owner of the house. If it cannot be paid, it is structured to provide convenience to bank customers.
- Configuring Credit Card/Additional Account Debt
During the structuring of the credit card debt/additional account debt, both the total unpaid debt of the card, the debt of the purchases made in installments and your additional account debts, if any, are calculated. The payment term of the structured debt is determined according to the budget and income of the person. There are many tools on the internet for configuring credit card/additional account debt; however, you need to get the final offer by contacting the bank of which you are the customer.
- Structuring Consumer Loan Debt
When it becomes difficult to make the payments of consumer loans drawn for emergency cash support, restructuring can be resorted to. The point to be considered when restructuring consumer loans is to choose an installment amount that will not be difficult to pay monthly. Bank interest and maturity rates should be taken into account in debt restructuring processes, as the credit rating will decrease in case of inability to pay the debts of the restructured loans.