New Delhi: There is relief news for SBI Card Holders. In fact, due to Coronavirus infection, the Reserve Bank of India gave an exemption to return the loan from March to 31 May 2020. Then later this period was extended till August, but the customers have still not been able to pay their debts, which also has customers of State Bank of India. In view of this, SBI is thinking of giving more time to its customers to repay the loan. With this, many customers are not paying the first three months of the Loan Moratorium. The company is considering them as standard accounts. Let us tell you that restructuring will be done for the loan of the customer, who has not paid installments for some time. Customers who are offering regular EMI will not be able to avail of this facility. Suppose your EMI is 10 thousand months under restructuring.
If you have not paid the 4 months installment and your loan time is 5 years. So the bank will distribute this 4-month EMI in the same 5 years. Not only this, you want that if your EMI amount is reduced, then you can extend the time to fill your loan with the bank. This will benefit you that your EMI will be reduced monthly.
SBI card can give big relief – SBI card CEO Ashwani Kumar Tiwari has given information about it. According to the SBI card, in May, its Rs 7,083 crore was stuck in the Moratorium.
This figure has come down to Rs 1,500 crore now. Customers who will choose restructuring plan of the company instead of RBI will benefit because such cases will not be given to CIBIL.
Know about loan restructuring-
Restructuring is a total loss deal. This should be done only when your financial problems have increased. The deficit is such that the more you extend the time limit of the loan, the more you will have to pay interest. Even if your monthly EMI is low, but in the long term it becomes a very large amount that you pay to the bank in the form of interest.
No. It’s not like that. Restructuring is the will of the bank. You will get the facility of restructuring only when your record is correct. Your loan will not be NPA. You will not default. RBI said that it has started a one-time window. You can ask a new term of repayment from the bank. You will get extra credit facility. For this, you should not default in any loan till March 1, 2020.
It is in a way a feature similar to Moratorium. But in Moratorium, you were given two times of 3 months. That is, you had to pay the entire EMI of 6 months in 6 months. If you want, you can give two months together. But this is not the case in restructuring. Here you can get your deadline extended and it can increase for a long time. Your EMI will be divided equally for the whole year. The advantage of restructuring is that your loan will not be NPA. Your credibility will be correct. The bank will not collect from you.
