Ever since the first case of COVID-19 was reported, the economy gradually began degenerating as the effects of the virus were felt through various businesses across the nation.
Some businesses were forced to close down, offer unpaid leaves to their employees, commit their employees to salary cuts or worse off lay off workers. This in turn caused a ripple effect whereby the various obligations to loan advancements borrowers had with their creditors were not being met due to lack of finances for repayment.
It is therefore that various mitigations were announced that would see the temporary suspension of CRB listings as well proposals of loan restructuring so as to ease the financial burden amidst the COVID-19 pandemic.
Loan restructuring refers to changing the terms of an existing loan through the extension of repayment periods.
While loan restructuring may not be as simple as it sounds, it requires mutual understanding between the borrower and lender for it to be effected.
It is for this reason that Metropol Crystobol has launched the loan restructuring feature within its app. To use this feature, one is required to:
Download the Metropol Crystobol app from Playstore and follow the prompts to register.
After registration, signing into the app will land you on the app’s home page. To begin the loan restructure process, click on ‘Covid-19 Loan Restructure‘ tab and you will be directed to the Loan Restructure page.
Choose the loan you would like to restructure and click on ‘Apply’ whereby you will be required to choose your preferred terms i.e installment amount, payment period, request moratorium or interest holiday.
Once done, click on ‘Accept’
You will receive a pop up message confirming your loan restructure request. To view the loan restructures applied for, click on the ‘APPLIED’ tab at the top.