According to Bian Xiao, the loan extension period is determined according to the loan term. Generally speaking, the longer the loan term, the less the application for extension. For example, the extension of short-term loans (with a term less than 1 year, including 1 year) shall not exceed half of the original loan term.
Short-term loans (within one year, including one year) shall not exceed the original loan term; The cumulative extension of medium-term loans (more than one year, less than five years, including five years) shall not exceed half of the original loan term; The extension of long-term loans (more than five years) shall not exceed three years. Unless otherwise stipulated by the state, if the borrower fails to apply for extension or the application is not approved, the loan will be transferred to the overdue loan account from the second day of the maturity date.
The latest Measures for the Administration of Personal Loans also stipulates that personal loans within 1 year (inclusive) shall not exceed the original loan term of 1 year, and the cumulative extension shall not exceed the longest loan term of the original loan term.
In addition, it usually takes 30 working days to apply for an extension from the bank, and it is very difficult to apply for an extension loan from the bank, depending on whether the local bank is short of funds. If the borrower fails to apply for extension or the application is not approved, his loan will be transferred to the overdue loan account from the second day of the maturity date.
Although there is a loan extension policy, Bian Xiao should pay attention to applying for a loan. When the loan can be repaid, it is best to apply for a loan without extension, and it is best to repay the loan as soon as possible.
Related suggestions:
Can I apply for an unsecured loan? & ampnbsp
Is the mortgage loan risky? & ampnbsp