Let's talk about bank loans. Many may borrow from banks for a variety of reasons, but may not be able to repay on time after the loan expires. The most asked question might be, "Can I postpone the repayment?" Let me answer that question。

You can't apply for an extension on a bank loan

In the case of borrowers in temporary difficulties who are unable to pay on time, banks are in fact allowed to extend the loan, provided the relevant requirements are met. However, some conditions need to be met: first, the extension of the loan is determined by the borrower, subject to the written consent of the guarantor or mortgage. Second, the duration of the extension of the loan shall be subject to the provision that, if the extension of the short-term loan cannot exceed the duration of the original loan, the medium-term loan shall not exceed half the duration of the original loan and the long-term loan shall not extend for more than three years. Lastly, the situation in which the borrower applied for an extension must be true and there was no malicious default。

However, either extended or overdue repayments have some effect on borrowers. In principle, banks charge interest rates on overdue repayments, which are usually calculated from the date when consumption begins. If the repayment cannot be made on time, there is an immediate interest rate, which, although the policies of each bank differ, is at least not less than the interest on the loan. In addition, overdue repayments will leave a poor record in credit reports, which will affect future loan and credit card applications. If the delay is severe, it may not even be possible to apply for a mortgage or a car loan. The late payment was not merely a financial loss, but the destruction of credit records was also uncompensable. In addition, heavily overdue borrowers may be blacklisted, with a significant impact on individuals and families and on working life。