Situations in which it is necessary to amend the loan agreement are not uncommon today. This may be the desire of the borrower to postpone the date of the monthly payment, increase the loan term or lower the interest rate.
It is necessary
- - loan agreement;
- - application for amendments to the loan agreement;
- - additional documents at the request of the bank.
Instructions
Step 1
Initially, refer to your loan agreement with the bank and see if it provides for changes. If not, then the bank probably won't meet you. And to change the terms of lending, you will need to contact another lending institution to refinance the loan. But in some cases, it is possible to achieve change. Here everything will depend on how important they are, what the size of the loan is and the importance of you as a client.
Step 2
If you have changed your place of work and your salary date has changed, you can contact the bank to postpone the date of monthly payments. Based on your application, the bank will give you a payment schedule with new debt repayment dates.
Step 3
The main reason why the borrower seeks to amend the loan agreement is the desire to reduce the financial burden and make lending more profitable for himself. This can be achieved by changing the interest rate or lending currency. If the agreement provides for changes, an additional agreement must be signed with the bank, which will fix a decrease in interest on the loan (or transition to payment in rubles) and a new payment schedule. In this case, the bank may require additional documents from you, on the basis of which a decision on refinancing will be made. It should be noted that refinancing makes sense only if the rate can be reduced by 1.5-2%.
Step 4
If you are a valuable client for the bank and have conscientiously fulfilled your obligations, then he can meet you and approve refinancing, even if no amendment to the loan agreement is provided. In the latter case, the bank gives you money to pay off the debt on the old loan and draws up a new loan agreement with amended conditions.
Step 5
If your goal is to reduce monthly payments, then you need to contact the bank in order to restructure the loan. This will increase the loan term, thereby reducing monthly payments. To restructure the loan, contact the bank with an appropriate application, in which indicate the desired terms for prolongation of the loan agreement. Sometimes it will be necessary to attach additional documents that confirm the inability to continue payments according to the previous schedule (for example, in the event of a reduction or a child's birth). In case of a positive consideration of your application, the bank will offer you to sign an additional agreement to the loan agreement, as well as issue a new payment schedule.
