Loans have now become a common option in our lives, but the repayment process is not always smooth. We may encounter a situation in which payments cannot be made on time. This relates to the subject we are going to talk about today — the bank's deferred repayment。

What does a bank delay mean

So, what's the bank's deferred repayment? Simply put, the deferred repayment is made a few days after the original repayment date. For example, you have applied for a loan, but for some reason you are unable to pay on time on the due date, so that you can apply to the bank for an extension. The number of days to be extended depends on the specific requirements of the bank. In the case of credit cards, the grace period for repayment has often been defaulted, for about three days, and if repayment is completed within the grace period, the bank is still considered to be normal repayment。

You might wonder how banks implement this kind of deferred repayment. First, the bank will decide whether to allow the payment to be deferred in the light of your financial situation and your willingness to pay. After this service has been determined, the banks have several ways of achieving the deferred repayment:

1. Partial repayment: You may choose part of the repayment, while the date on which the payment is deferred is deferred accordingly。

Adjustments to the repayment modality: Banks will have the flexibility to adjust the repayment modality, for example, by adjusting the lump-sum approach to instalment payments, which can help to ease your financial pressure。

3. Delayed repayment: In accordance with your loan status and bank policy, the bank decides to extend the period of repayment and the amount of late payment。