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More than half the customers may approach their banks for loan restructuring, although 40 per cent of those who took the moratorium could afford to pay their EMIs, a new survey by Paisabazaar.com has found.
“Fifty-five per cent of the customers responded that they would approach their lender to restructure their loan in some form to provide relief. Though this includes many whose income has not been affected due to the coronavirus pandemic and, hence, their lenders may not find them eligible for a loan recast plan,” said the survey report ‘Dealing with Debt - How India plans to pay EMIs’.
A total of 8,616 participants, in the age group of 24-57 years, responded to the survey and had outstanding debt of over ₹1 lakh. The responses were registered from 37 cities.
The survey also revealed that 70 per cent of those who have already claimed the moratorium would like their lenders to provide them some form of relief in their loan repayment.
While 46 per cent of those under moratorium said they do not want a new moratorium, 67 per cent of the moratorium beneficiaries would prefer if their loan tenure can be extended to bring down their EMIs
“Maximum customers want their loan tenure to be extended by up to six months only,” it said.
Repayment
“With the moratorium over, lenders are closely monitoring how existing customers who took the moratorium repay their EMIs. The trends that emerge from here would, to a large extent, shape how lenders open the supply for new loans for the next six-odd months,” said Naveen Kukreja, CEO and Co-founder, Paisabazaar.com.
Large lenders would need to walk the tight rope as they balance the relief they offer through loan recast plans, and restoration of supply of new loans that would chart the recovery for the industry, he noted.
Significantly, the survey revealed that of the consumers,who had opted for the moratorium, 40 per cent say they now have the repayment capacity to meet their monthly EMI obligations in full. Of these, 52 per cent claimed the moratorium for the entire duration.
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