Sathish M (Management Accountant) (40581 Points)
14 April 2016Refinance
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.
ACCOUNTANT
(Student)
(559 Points)
Replied 14 April 2016
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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