During the loan period, the lender has temporary cash flow difficulties, which makes it impossible to repay the loan principal on schedule and meets the conditions stipulated in the extension period. Under normal circumstances, apply to the loan bank for extension 30 working days in advance.
The loan extension shall not be lower than the original loan conditions: the short-term loan extension shall not exceed the original loan term, the medium-term loan extension shall not exceed half of the original loan term, and the long-term loan extension shall not exceed 3 years.
Legal basis: Civil Code of People's Republic of China (PRC).
Article 673 Where the borrower fails to use the loan according to the agreed purpose, the lender may stop issuing the loan, recover the loan in advance or terminate the contract.
Article 674 The borrower shall pay interest at the agreed time limit. If the time limit for paying interest is not stipulated or clearly stipulated, and cannot be determined according to the provisions of Article 510 of this Law, if the loan period is less than one year, it shall be paid together with the loan; If the loan term is more than one year, it shall be paid at the end of each year; if the remaining term is less than one year, it shall be paid together with the loan.
Article 676 If the borrower fails to repay the loan within the agreed time limit, it shall pay the overdue interest in accordance with the agreement or the relevant provisions of the state.