As per directives of RBI and with an aim to provide relief to its retail borrowers from the adverse impact of COVID-19, India’s largest lender State Bank of India (SBI) has come out with a Restructuring Policy. SBI on Monday announced the launch of an online portal for smooth and hassle-free implementation of the Restructuring Policy. Under this policy, borrowers have the option of requesting a moratorium of 1-24 months and extension in loan term. Retail borrowers can check their eligibility instantaneously for loan recasts by providing income details.
Are you eligible?
– The customers can check their eligibility for the restructuring of their loans through this portal sitting at their home/office or from anywhere as per their convenience and comfort.
– Under this resolution framework framed by RBI, such borrowers are eligible whose loan accounts were classified as standard and not default for equal to or more than 30 days as on March 1, 2020, and their incomes are impacted by COVID-19.
– The approval of borrowers’ loan restructuring application under this scheme – which is going to be governed by RBI guidelines – would be conveyed to them by the SBI branch/CPC
Step by step guide
– The portal is available on https://bank.sbi/ or https://sbi.co.in
– SBI’s retail customers upon logging in the portal will be asked to key in their account number.
– After completion of OTP validation and inputting a few necessary information, the customer will come to know their eligibility and receive a reference number.
– This reference number will be valid for 30 days and within which time customers can visit the branch to complete the required formalities.
– The restructuring process will be complete after verification of documents and execution of simple documents at branch/CPC.
On this occasion, CS Setty, Managing Director (Retail & Digital Banking), SBI expressed the hope that with the launch of this portal, the customers will find it operationally convenient to check their eligibility before they go to a branch
