Wednesday 23 September 2020

Want to know if your SBI home, personal loan is eligible for restructuring? Here's how you can check

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Want to know if your SBI home, personal loan is eligible for restructuring? Here's how you can check

Public sector lender State Bank of India has come out with a loan Restructuring Policy as per directives of RBI with an aim to provide relief to its retail borrowers from the adverse impact of COVID-19. The lender on Monday issued details on the FAQs related to the retail loan restructuring under the scheme. It also launched a tool on its website to enable retail customers to check their eligibility for loan restructuring under RBI scheme.

How to check if your loan is eligible for restructuring:

SBI’s retail customers have to log in to the SBI portal and thereafter they will be asked to key in their account number. After completion of OTP validation and inputting a few necessary information, the customers will come to know their eligibility and receive a reference number for the same.

Note that Under this resolution framework, 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.

How to apply for SBI loan restructuring:

The reference number provided by the bank 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.

Bank approval:

Once the application process is complete, an SBI branch/CPC will convey whether the application has been approved or not. Once the application is approved under this scheme, SBI customers will be issued an arrangement letter (in duplicate) stating the details of relief sanctioned under the framework and other terms and conditions. 

They have to return the duplicate copy duly executed and signed by all the signatories to the loan and also guarantors (if any) in token of having accepted the terms and conditions contained therein within 10 days.

It is worth mentioning that retail customers will be offered a simple option to opt for 1-24 months of moratorium. The moratorium will be offered on housing and other related loans, education loans, auto loans (other than loans for commercial use) and personal loans.

The bank will restructure loans based on the customer's assessment of future income. Borrowers who avail themselves of restructuring will be charged 0.35% more than other customers. Last date to apply for restructuring is December 24, 2020.

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