Retail Borrowers can check their eligibility instantaneously for loan recasts by providing income details
Borrowers have the option of requesting a moratorium of 1-24 months and extension in Loan Term
Bank of India, the country’s largest lender, has come out with a
Restructuring Policy as per directives of RBI with an aim to provide
relief to its retail borrowers from the adverse impact of COVID-19. For
Smooth and hassle-free implementation of the Restructuring Policy, SBI
today announced the launch of an online portal. 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.
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.
this occasion, Sri C. S. 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.
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.