In line with RBI guidelines and in an effort to relieve its retail borrowers from the negative impact of COVID-19, India’s largest lender State Bank of India (SBI) has developed a restructuring policy. SBI announced on Monday the launch of an online portal for a smooth and hassle-free implementation of the restructuring policy. Under this policy, borrowers have the option of requesting a moratorium from 1 to 24 months and an extension of the loan term. Retail borrowers can instantly verify their eligibility for loan refits by providing income details.
Are you eligible?
– Customers can check their loan restructuring eligibility through this portal sitting at their home / office or anywhere as per their convenience and comfort.
– Within the framework of this resolution framework supervised by the RBI, are eligible those borrowers whose loan accounts have been classified as standard and not in default for a period equal to or greater than 30 days as of March 1, 2020, and their income is impacted by COVID-19.
– Approval of borrowers’ loan restructuring request under this scheme – which will be governed by RBI guidelines – would be forwarded to them through the SBI / CPC branch
Step by step guide
– Individual SBI customers when logging in to the portal will be asked to enter their account number.
– After completing the OTP validation and entering some necessary information, the customer will know their eligibility and receive a reference number.
– This reference number will be valid for 30 days and during which customers can visit a branch to complete the required formalities.
– The restructuring process will be completed after verification of documents and execution of simple documents in branch / CPC.
On this occasion, CS Setty, Managing Director (Retail & Digital Banking), SBI expressed the hope that with the launch of this portal, clients will find it operationally practical to verify their eligibility before going to a branch.