Application conditions for loan extension
1. The loan extension application must be submitted before the loan maturity date and 30 working days in advance.
2. The extension of the loan requires the consent of the lender. Whether the loan extension application is approved is decided by the lending institution. If agreed, the repayment can be postponed. If there is no agreement, it will be transferred to the overdue loan account from the second day of the loan maturity date.
3. Where the secured loan is issued by way of mortgage loan or pledge loan, the guarantor, mortgagor and pledgor shall also issue a written consent certificate.
Loan extension
It is understood that the loan extension period is determined according to the loan period. In general, we divide the loan term into the following three types:
1. Short-term loans with a term of one year or less. The cumulative extension period of the loan that can be applied for shall not exceed the original loan period.
2. Medium-term loans with a term of more than one year, less than five years and less than five years. The loan extension period that can be applied for shall not exceed half of the original loan period.
3. For long-term loans with a term of more than five years, the cumulative extension of the loans that can be applied for shall not exceed three years.
So much for the application conditions and loan extension. Do you have any good ideas about applying for loan extension after reading it? In my opinion, if it is really impossible to repay the loan in time and it looks like an overdue loan, it is better to apply for a loan extension.