As one of the largest commercial banks in the country, the Bank of Commerce and Industry enjoys a large and faithful client base and an extensive network of affiliates. Many chose to use the business bank ' s loan business to purchase their own property. However, some users may wonder what the consequences would be if the loans of the industry were overdue. Let us explore this together。

What happens when the loan is overdue

First, the Chamber of Commerce and Industry Bank will start a collection process after your mortgage has expired. Specifically, the bank will remind borrowers to pay their arrears as soon as possible by telephone, text message or letter。

Secondly, the Chamber of Commerce and Industry Bank uploads the overdue records of the borrower to the letter service, which will have an impact on your personal letter. If the delay is serious, it may adversely affect your recent application for a loan and a credit card。

Finally, if the borrower refuses to repay the loan, the business bank will initiate legal proceedings to recover the arrears by legal means。

On the question of whether repayments could be suspended, it was clear that mortgages could not normally be suspended. However, the borrower may attempt to apply to the bank in the event of a special emergency. However, approval depends on the relevant bank regulations. If the bank permits a phasing adjustment, the borrower can suspend the repayment for a period of time. The situation may vary from bank to bank, and you are advised to consult directly with the branch that handles the loan to obtain the most accurate answer。