The important factor is that the corresponding person undertaking this scheme must not be subjected to bankruptcy and any illegal activities. If you are eligible for the scheme, then the creditor will draw you a plan according to your loan amount and the plan will not exceed more than 5 years. It is the responsibility of that person to pay his debts without crossing the stipulated time.
People
earning the minimum salary tend to get loans and due to poor financial
conditions they face difficulties in paying them back and this scheme can help
them pay off the debts, causing no bankruptcy. If you become bankrupt, then it
is a difficult task to apply for loans in the future. This scheme can aid in
that aspect, leading to bankrupt-free individuals.
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