BANKING AFFAIRS

Detailed explanation-1: -Restructuring generally refers to negotiating new terms with your lender, while refinancing involves taking out a new loan to replace your existing one. Each option has its own set of pros and cons that you should consider before making a decision when you apply for a personal loan.

Detailed explanation-2: -Refinancing can be done for the following reasons: To have a longer tenure for repayment. To borrow additional amount. To enjoy better service and features at the new lender. To reduce the cost of the loan.

Detailed explanation-3: -Amortization: Loan payments by equal periodic amounts calculated to pay off the debt at the end of a fixed period, including accrued interest on the outstanding balance.

Detailed explanation-4: -Refinancing of Debt is a process of debt reorganisation which is used when a borrower wants to leverage their newly obtained loans with much better terms so that they can clear their previous loan. Contract. Debt restructuring mainly refers to the alteration of an already existing contract.

Detailed explanation-5: -What Is a Refinance? A refinance, or “refi” for short, refers to the process of revising and replacing the terms of an existing credit agreement, usually as it relates to a loan or mortgage.