Restructuring refers to conversion of credit card dues to a term loan with equated monthly instalments (EMI) with reduced rate of interest. In case customers opts for a restructuring plan, then the credit facility on his credit card shall stand withdrawn.

The following terms and conditions are applicable for customers who opt for restructuring:

• The restructuring plan may be revoked in the event of failure to adhere to the stipulated payment plan.
• The credit facility extended on the credit card will be withdrawn upon acceptance of restructuring plan.
• Customers will be liable to pay additional charges (late payment fee, interest etc) charged on their card account in the interim period between acceptance and invocation of restructuring plan.
• The maximum tenor of the restructuring plan will be 18 months.
• To opt-in for a restructuring plan, customer is required to make an upfront payment.

The credit reporting in respect of Customers where the resolution plan is implemented under this framework shall reflect the “restructured” status of the account. The credit history of the borrowers will consequently be governed by the respective policies of the credit information companies as applicable to accounts that are restructured.

The restructuring plan will stand revoked upon non-payment and such customers will not be eligible to reapply for any further restructuring plan.