SBI launches online portal for restructuring scheme; how customers can apply and check eligibility for loans
The portal has been introduced by State Bank of India for hassle-free implementation of retail loans, including home, auto, education and personal loans
In a bid to provide relief to its retail borrowers amid the COVID-19 pandemic, the State Bank of India (SBI) on Monday launched an online portal for those seeking further relief from their loan equated monthly installment (EMI) repayments.
The portal has been introduced for hassle-free implementation of retail loans, including home, auto, education, personal loans. SBI has also released a set of frequently asked questions (FAQs) to provide clarity to the borrowers regarding their eligibility for the restructuring of loans and how it can be availed.
The retail customers of the bank will be asked to enter their loan account number as they log in on to the website.
After the OTP is verified and the customer has provided all the necessary information, they will be informed about their eligibility. They will get a reference number which will be valid for 30 days.
During this period, the customer can visit any of the nearest SBI branches and complete all the mandatory formalities. The restructuring process will be over once 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 for equal to or more than 30 days as on 1 March 2020 and the incomes have taken a hit due to the pandemic.
The approval of loan restructuring applications for borrowers will be conveyed to them by their respective branch/ CPC.
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
Step 1: Customers will have to visit the site bank.sbi or 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/ CPC
Who are eligible?
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 category:
Housing and other related loans, education loans, auto loans (other than loans for commercial use), and personal loans are covered.
Find latest and upcoming tech gadgets online on Tech2 Gadgets. Get technology news, gadgets reviews & ratings. Popular gadgets including laptop, tablet and mobile specifications, features, prices, comparison.
The national COVID-19 positivity rate is 8.04% and is on a 'continuous decline', said the health ministry on Wednesday
The new decree says professional games are allowed in outdoor venues “without fans in attendance.”
The study said a 25-year old male patient was infected with two distinct SARS-CoV-2 variants within a 48-day time frame, while testing negative in between the infections