Refinance
Refinance is when a business or person revises a payment schedule for repaying debt.
2. Replacing an older loan with a new loan offering better terms.
When a business refinances, it typically extends the maturity date. When individuals change their monthly payments or modify the rate of interest on their loans, it usually involves a penalty fee.
This is typically discussed in Securitization and Reconstrution of Financial Assets and Enforcement of Security Interest Act,2002(SARFAESI Act)., applicable for banks
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