SBI Loan Restructuring: The online portal has been introduced by State Bank of India for hassle-free execution of retail loans, including home loans, auto loans, education loans and personal loans
Big relief to its retail borrowers during the COVID-19 pandemic, the State Bank of India (SBI) on Monday launched an online portal for those seeking further relief from their loan EMI repayments.
SBI has also released a set of FAQs to provide clarity to the borrowers regarding their eligibility for the restructuring of loans and how it can be availed.
How To Apply For SBI Loan Restructuring For Home Loan, Auto Loan, Personal Loan
The retail customer of the SBI will be asked to enter their loan account number for log in on to the website.
After the OTP is verified and the customer has provided all the necessary information, thenafter they will informed you about eligibility of loans. you will get a reference number which will be valid for 30 days.
During this COVID-19 period, the customer can visit any of the nearest SBI branches and complete all the mandatory formalities. The restructuring process will be over once all the documents are verified.
The facility has been introduced after the Reserve Bank of India (RBI) allowed banks to provide loan restructuring options to individual borrowers, Economic Times reported.
Only those borrowers are eligible whose loan accounts were classified as standard and not default (NPA) for equal to or more than 30 days as on 1 March 2020 and the incomes have taken a hit due to the COVID-19 pandemic.
The approval of loan restructuring applications for borrowers will be conveyed to them by their respective branch.
Earlier this month, Union Finance Minister Nirmala Sitharaman asked banks and NBFCs to roll out the loan restructuring scheme by 15 September.
She also asked them to provide adequate support to the borrowers for the lifting of the moratorium on repayment of debts.
The further moratorium will be for a maximum of two years and customers will have to apply for the loan restructuring scheme by 24 December, 2020.
It should be noted that loans taken after 1 March 2020 will not be eligible for the revamp scheme even though the finances of the borrower have been impacted due to COVID-19.
SBI will also compare the February 2020 salary slip of the borrower with August 2020 to know the eligibility of loan restructuring resolution.
Steps To Check Eligibility for SBI Loan Restructuring
Step 1: Customers will have to visit the site sbi.co.in and will have to enter their loan account number
Step 2: An OTP will be sent on their registered mobile number for authentication
Step 3: Need to provide some necessary information to know your eligibility
Step 4: With the reference number generated, visit the SBI branch within 30 days and complete all the formalities
Step 5: Restructuring will be done after the complete verification and execution of documents at the branch.
Who are eligible For SBI Loan Restructuring
Those borrowers who have been affected by the COVID-19 pandemic will be eligible if they meet the conditions including:
- If the salary/income in the month of August 2020 has reduced as compared to February 2020.
- Reduction or suspension in salary during the period of COVID-19 lockdown.
- If the borrower has lost his/her job or closed the business.
- Closure during lockdown/ reduced activity of units/shops/business establishments in case of self-employed/professionals/businessmen.
Loans covered under the SBI Loan Restructuring
Home Loan (Housing Loan), Personal Loan, Auto Loan, Education Loan are covered.
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