Working Process Of Loan Rehabilitation

Loan Rehabilitation, loanIn the hard economy managing to pay ever increasing loans are difficult. Banks today are comparatively harsher on defaulters than before as they have come up with more stringent rules for loan rehabilitation. Loan rehabilitation is nothing but getting the defaulted sign off your account. If a person takes up a loan and is unable to pay back his dues then he is a defaulter.

Loan rehabilitation deals with looking up a lender who would be willing to take up the defaulted account. As a result of the economic turmoil such lenders are hard to find and so is the rehabilitation program scarcely available. Once such a deal is made the defaulter must pay 9 monthly payments over a period of 10 months. This has to be without fail. From 14th August 2008 it has been issued that a person can enter the rehabilitation program only once for each loan. The sum of money to be paid is negotiated by the rehabilitation program and the defaulter must be absolutely sure that he can come up with that amount monthly for the next 9 months.