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What is meant by "Re-scheduling of payments" in respect of a Bank Loan?

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Question added by VENKITARAMAN KRISHNA MOORTHY VRINDAVAN , Project Execution Manager & Accounts Manager , ALI INTERNATIONAL TRADING EST.
Date Posted: 2015/01/13
Asim Azaldeen Abdalrahman Mhammed
by Asim Azaldeen Abdalrahman Mhammed , Property Manager , TAAM PROPERTY

Agreed with venkitarman

Deleted user
by Deleted user

agreed with gentlemen

VENKITARAMAN KRISHNA MOORTHY VRINDAVAN
by VENKITARAMAN KRISHNA MOORTHY VRINDAVAN , Project Execution Manager & Accounts Manager , ALI INTERNATIONAL TRADING EST.

Rescheduling of Payment : Rearranging the repayment of a debt over a longer period than originally agreed upon due to financial difficulties of the borrower.

This is helpful for avoiding overdue interests or attracting penal interests on account of delayed payments when the loan is left as it is with the intention of making delayed payments of the installments/lump sum payment.

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