{"id":8538,"date":"2023-12-07T11:54:44","date_gmt":"2023-12-07T06:24:44","guid":{"rendered":"https:\/\/fly.finance\/blog\/?p=8538"},"modified":"2023-12-09T13:22:44","modified_gmt":"2023-12-09T07:52:44","slug":"impact-of-loan-restructure-on-credit-score","status":"publish","type":"post","link":"https:\/\/fly.finance\/blog\/education-loan\/impact-of-loan-restructure-on-credit-score\/","title":{"rendered":"Impact of Loan Restructure on Credit Score"},"content":{"rendered":"\n<p><strong>Impact of Loan Restructure on Credit Score: <\/strong>Loan restructuring is an ideal way to reduce the repayment burden of a loan. But, there are a few certain questions that are there on the top of the mind. One such question is whether the restructuring of the loan will impact the credit score or not. In this blog, we will identify the impact of loan structure on credit score.\u00a0<\/p>\n\n\n\n<div class=\"wp-block-yoast-seo-table-of-contents yoast-table-of-contents\"><h2 id=\"table-of-contents\">Table of contents<\/h2><ul><li><a href=\"#h-understanding-loan-restructuring\" data-level=\"2\">Understanding Loan Restructuring<\/a><\/li><li><a href=\"#h-how-loan-restructuring-affects-cibil-score\" data-level=\"2\">How Loan Restructuring Affects CIBIL Score<\/a><\/li><li><a href=\"#h-how-to-remove-loan-restructure-status-from-the-cibil-report\" data-level=\"2\">How to Remove Loan Restructure Status from the CIBIL Report<\/a><\/li><li><a href=\"#h-faqs\" data-level=\"2\">FAQs<\/a><\/li><\/ul><\/div>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-understanding-loan-restructuring\"><span id=\"understanding-loan-restructuring\">Understanding Loan Restructuring<\/span><\/h2>\n\n\n\n<p>Loan structuring is a one-time scheme launched by RBI for borrowers to reduce the burden of repayment of the loan amount. Restructuring of the loan means the loan terms will be modified with mutual understanding between the lender and borrower. In simple words, the restructuring of a loan can change the rate of interest, tenure, and the payments need to be done monthly. Although, it provides much-needed flexibility and relief to the borrowers but impacts the credit report of the borrower.<\/p>\n\n\n\n<p class=\"has-pale-ocean-gradient-background has-background\"><strong>Also Read: Check Out All The Details About Loan Restructuring In One Of Our Specialised Blogs <\/strong><a href=\"https:\/\/fly.finance\/blog\/education-loan\/education-loan-restructure\/\"><strong>Education Loan Restructure<\/strong><\/a><strong>!<\/strong><\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-how-loan-restructuring-affects-cibil-score\"><span id=\"how-loan-restructuring-affects-cibil-score\">How Loan Restructuring Affects CIBIL Score<\/span><\/h2>\n\n\n\n<p>There is a specific section in the CIBIL report as the \u2018status of loans\u2019. Whenever you try to restructure your loan, it will reflect on your CIBIL report in the status of loans section. The highlighted part of loan restructuring on the CIBIL report indicates to future lenders that you faced a crisis due to which you restructured your loan. It will also result in a temporary dip in your credit score. However, the dip in the credit score is temporary and can be improved with time by following just a few simple steps.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-how-to-remove-loan-restructure-status-from-the-cibil-report\"><span id=\"how-to-remove-loan-restructure-status-from-the-cibil-report\">How to Remove Loan Restructure Status from the CIBIL Report<\/span><\/h2>\n\n\n\n<p>In the case of <a href=\"https:\/\/fly.finance\/blog\/education-loan\/education-loan-default\/\"><strong>education loan default<\/strong><\/a>, it is important to note that the <a href=\"https:\/\/fly.finance\/blog\/education-loan\/education-loan-restructure\/\"><strong>loan restructure<\/strong><\/a> status on the credit report remains for a specified period. However, you can improve your credit score and the loan restructure status can be removed easily from your credit report. You just need to follow the steps mentioned below.<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Be sure to complete all the payments on time after loan restructuring.<\/li>\n\n\n\n<li>Timely payments of all the cards and loans improve your credit score.<\/li>\n\n\n\n<li>To avoid any kind of inaccuracy, keep regular monitoring of your credit report.<\/li>\n\n\n\n<li>Dispute any discrepancies immediately.<\/li>\n\n\n\n<li>Also, maintain a healthy credit utilisation ratio.<\/li>\n\n\n\n<li>Keep yourself updated with your real-time credit reports.<\/li>\n<\/ul>\n\n\n\n<p class=\"has-pale-ocean-gradient-background has-background\"><strong>Also Read: Facing financial distress due to high-interest rates? Check all the information about <\/strong><a href=\"https:\/\/fly.finance\/blog\/education-loan\/education-loan-refinancing\/\"><strong>Education Loan Refinancing<\/strong><\/a><strong> and get a balance transfer for the loan.<\/strong><\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-faqs\"><span id=\"faqs\">FAQs<\/span><\/h2>\n\n\n\n<div class=\"schema-faq wp-block-yoast-faq-block\"><div class=\"schema-faq-section\" id=\"faq-question-1702101151822\"><strong class=\"schema-faq-question\">How does loan restructuring impact Credit score?<\/strong> <p class=\"schema-faq-answer\">The loan structuring indicates the crisis in doing payments which may result in barring lenders in the future.<\/p> <\/div> <div class=\"schema-faq-section\" id=\"faq-question-1702101162486\"><strong class=\"schema-faq-question\">Can I improve my credit score after loan restructuring?<\/strong> <p class=\"schema-faq-answer\">Indeed, you can improve your credit score after loan structuring as well. However, you need to follow some easy steps like making payments on time, monitoring your credit score regularly, and maintaining a healthy credit utilisation ratio.<\/p> <\/div> <div class=\"schema-faq-section\" id=\"faq-question-1702101170286\"><strong class=\"schema-faq-question\">How much time does it take to improve the credit score after loan restructuring?<\/strong> <p class=\"schema-faq-answer\">It depends on the payments you are making and in what patterns. The regular payments can improve your credit score in a very short period.<\/p> <\/div> <div class=\"schema-faq-section\" id=\"faq-question-1702101177730\"><strong class=\"schema-faq-question\">Is there a processing fee I have to pay if I restructure my loan?<\/strong> <p class=\"schema-faq-answer\">You may be levied a fee if you apply to get your loan restructured.<\/p> <\/div> <div class=\"schema-faq-section\" id=\"faq-question-1702101184284\"><strong class=\"schema-faq-question\">Can I remove the loan restructure status from my CIBIL report?<\/strong> <p class=\"schema-faq-answer\">Yes, you can remove the loan structure status from your CIBIL report in very little time with regular payments and monitoring.<\/p> <\/div> <\/div>\n\n\n\n<p>Hope you liked our blog about the impact of loan restructuring on credit scores. To know more about the loan application process, the best <a href=\"https:\/\/fly.finance\/international-bank-account\"><strong>international bank accounts for students<\/strong><\/a>, forex and banking experience for global students, or <a href=\"https:\/\/fly.finance\/blog\/money-transfer\/\"><strong>international money transfers<\/strong><\/a>, reach out to our experts at 1800572126 to help ease your study abroad experience.&nbsp;<\/p>\n\n\n\n<figure class=\"wp-block-table is-style-stripes\"><table class=\"has-pale-ocean-gradient-background has-background\"><tbody><tr><td><strong>Related Blogs<\/strong><\/td><\/tr><tr><td><a href=\"https:\/\/fly.finance\/blog\/education-loan\/top-up-education-loans-for-specialised-programs\/\"><strong>Top-Up Education Loans For Specialised Programs: Process, Eligibility, Repayment<\/strong><\/a><\/td><\/tr><tr><td><a href=\"https:\/\/fly.finance\/blog\/education-loan\/government-banks-for-student-loan-consolidation\/\"><strong>Government Banks For Student Loan Consolidation: Check The List Here!<\/strong><\/a><\/td><\/tr><tr><td><a href=\"https:\/\/fly.finance\/blog\/education-loan\/debunking-myths-about-student-loan-consolidation\/\"><strong>Debunking Myths About Student Loan Consolidation<\/strong><\/a><\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\n<p><strong>Follow Us on Social Media <\/strong><\/p>\n\n\n\n<ul class=\"wp-block-social-links is-layout-flex wp-block-social-links-is-layout-flex\"><li class=\"wp-social-link wp-social-link-instagram  wp-block-social-link\"><a href=\"https:\/\/instagram.com\/flydotfinance\" class=\"wp-block-social-link-anchor\"><svg width=\"24\" height=\"24\" viewBox=\"0 0 24 24\" version=\"1.1\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" aria-hidden=\"true\" focusable=\"false\"><path d=\"M12,4.622c2.403,0,2.688,0.009,3.637,0.052c0.877,0.04,1.354,0.187,1.671,0.31c0.42,0.163,0.72,0.358,1.035,0.673 c0.315,0.315,0.51,0.615,0.673,1.035c0.123,0.317,0.27,0.794,0.31,1.671c0.043,0.949,0.052,1.234,0.052,3.637 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class=\"wp-block-social-link-label screen-reader-text\">Twitter<\/span><\/a><\/li><\/ul>\n","protected":false},"excerpt":{"rendered":"<p>Impact of Loan Restructure on Credit Score: Loan restructuring is an ideal way to reduce the repayment burden of a loan. But, there are a few certain questions that are there on the top of the mind. One such question is whether the restructuring of the loan will impact the credit score or not. In &#8230; <a title=\"Impact of Loan Restructure on Credit Score\" class=\"read-more\" href=\"https:\/\/fly.finance\/blog\/education-loan\/impact-of-loan-restructure-on-credit-score\/\" aria-label=\"Read more about Impact of Loan Restructure on Credit Score\">Read more<\/a><\/p>\n","protected":false},"author":25,"featured_media":8541,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[21],"tags":[],"class_list":["post-8538","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-education-loan"],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v27.2 (Yoast SEO v27.2) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>Impact of Loan Restructure on Credit Score<\/title>\n<meta name=\"description\" content=\"This blog includes the details about the Impact of Loan Restructure on Credit Score. To know more about it read the blog.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/fly.finance\/blog\/education-loan\/impact-of-loan-restructure-on-credit-score\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Impact of Loan Restructure on Credit Score\" \/>\n<meta property=\"og:description\" content=\"This blog includes the details about the Impact of Loan Restructure on Credit Score. 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To know more about it read the blog.","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/fly.finance\/blog\/education-loan\/impact-of-loan-restructure-on-credit-score\/","og_locale":"en_US","og_type":"article","og_title":"Impact of Loan Restructure on Credit Score","og_description":"This blog includes the details about the Impact of Loan Restructure on Credit Score. 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However, you need to follow some easy steps like making payments on time, monitoring your credit score regularly, and maintaining a healthy credit utilisation ratio.","inLanguage":"en-US"},"inLanguage":"en-US"},{"@type":"Question","@id":"https:\/\/fly.finance\/blog\/education-loan\/impact-of-loan-restructure-on-credit-score\/#faq-question-1702101170286","position":3,"url":"https:\/\/fly.finance\/blog\/education-loan\/impact-of-loan-restructure-on-credit-score\/#faq-question-1702101170286","name":"How much time does it take to improve the credit score after loan restructuring?","answerCount":1,"acceptedAnswer":{"@type":"Answer","text":"It depends on the payments you are making and in what patterns. The regular payments can improve your credit score in a very short period.","inLanguage":"en-US"},"inLanguage":"en-US"},{"@type":"Question","@id":"https:\/\/fly.finance\/blog\/education-loan\/impact-of-loan-restructure-on-credit-score\/#faq-question-1702101177730","position":4,"url":"https:\/\/fly.finance\/blog\/education-loan\/impact-of-loan-restructure-on-credit-score\/#faq-question-1702101177730","name":"Is there a processing fee I have to pay if I restructure my loan?","answerCount":1,"acceptedAnswer":{"@type":"Answer","text":"You may be levied a fee if you apply to get your loan restructured.","inLanguage":"en-US"},"inLanguage":"en-US"},{"@type":"Question","@id":"https:\/\/fly.finance\/blog\/education-loan\/impact-of-loan-restructure-on-credit-score\/#faq-question-1702101184284","position":5,"url":"https:\/\/fly.finance\/blog\/education-loan\/impact-of-loan-restructure-on-credit-score\/#faq-question-1702101184284","name":"Can I remove the loan restructure status from my CIBIL report?","answerCount":1,"acceptedAnswer":{"@type":"Answer","text":"Yes, you can remove the loan structure status from your CIBIL report in very little time with regular payments and monitoring.","inLanguage":"en-US"},"inLanguage":"en-US"}]}},"_links":{"self":[{"href":"https:\/\/fly.finance\/blog\/wp-json\/wp\/v2\/posts\/8538","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/fly.finance\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/fly.finance\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/fly.finance\/blog\/wp-json\/wp\/v2\/users\/25"}],"replies":[{"embeddable":true,"href":"https:\/\/fly.finance\/blog\/wp-json\/wp\/v2\/comments?post=8538"}],"version-history":[{"count":3,"href":"https:\/\/fly.finance\/blog\/wp-json\/wp\/v2\/posts\/8538\/revisions"}],"predecessor-version":[{"id":8543,"href":"https:\/\/fly.finance\/blog\/wp-json\/wp\/v2\/posts\/8538\/revisions\/8543"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/fly.finance\/blog\/wp-json\/wp\/v2\/media\/8541"}],"wp:attachment":[{"href":"https:\/\/fly.finance\/blog\/wp-json\/wp\/v2\/media?parent=8538"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/fly.finance\/blog\/wp-json\/wp\/v2\/categories?post=8538"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/fly.finance\/blog\/wp-json\/wp\/v2\/tags?post=8538"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}