Yes, Personal Loans can be restructured. 

Personal loans are unsecured loans that prove to be a convenient choice for many individuals. It comes with comfortable repayment terms. However, the current Covid situation has put immense pressure on borrowers in repaying personal loans. 

Restructuring your personal loan can be a prudent way to avoid loan defaults. The RBI also announced a ‘one-time loan restructuring scheme’ to enable borrowers to get better terms on their loans during this pandemic. 

Personal loan restructuring is now available with most banks and NBFCs. You can approach your bank and submit an application for loan restructuring.

  • Personal loan restructuring either involves the tweaking of EMI or change to your tenure
  • A longer tenure will translate into lower EMIs and comfortable repayments
  • Restructuring is available only for borrowers who don’t have any defaults on their payments
  • The lender may apply for your credit report before sanctioning your loan restructuring request
  • Your application may get rejected if your credit score is not satisfactory. This in turn will impact your credit score adversely. 


Approach your lender and discuss with them all the available options before applying for a loan restructuring.