8 Pros and Cons of Education Loan Restructuring in 2024

Pros of Education Loan Restructuring

Extended tenure leads to lower monthly instalment amounts, making it more manageable for fresh graduates who are still establishing their careers.

Extended Repayment Period

Lower monthly repayments can be really helpful in easing the financial burden of the students and their families.

Lower Monthly Installments

You get an option to switch from a fixed interest rate to variable rate and vice versa. However, it totally depends on the bank's terms and conditions set internally.

Flexible Interest Rates

Customised plans can align with the borrower’s monthly income, ensuring that repayments are proportionate to their financial capacity.

Customized Repayment Plans

Cons of Education Loan Restructuring

When you restructure the loan, it changes some terms like repayment period, interest rates, EMI amount etc and all these will be reflected in the credit report.

Impact on Credit Score

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