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CreditMantri Finserve Private Limited Unit No. B2, No 769, Phase-1, Lower Ground Floor, Spencer Plaza, Anna Salai, Chennai - 600002
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The Axis Bank COVID-19 loan restructuring facility has been approved by RBI. The main objective of the relief measure is to take off the loan repayment burden from borrowers who are facing a difficult financial situation due to the Covid-19 pandemic. The relief comes in the form of a one-time loan restructuring facility offered by Axis Bank. Here are some of the options available under the facility:
These options are only indicative and Axis Bank, post assessing the financial impact on the borrower, may apply any of the above-mentioned methods or a different method to offer relief to eligible borrowers depending on individual situations.
How to Apply
Borrowers who want to opt for one-time loan restructuring from Axis bank can do so by sending a request letter/ digital consent/ voice consent stating the specific reasons for making an application for resolution. Alongside, the borrowers must also mention a plan of future cash flows.
Axis Bank normally communicates its decision in writing or through email regarding the acceptance or rejection of a loan restructuring application. The bank normally reverts within 30 days of receipt of the application. Applicants need to remember that the restructuring approval decision is not guaranteed by the bank and could vary across applicants.
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