New Delhi: State Bank of India (SBI) has introduced a loan restructuring policy as per the instructions of the Reserve Bank of India (RBI). Its purpose is to give relief to the retail borrowers of the bank from the effect of COVID-19. To implement the loan restructuring policy, SBI launched an online portal on Monday. Customers will be able to know whether they can have their home loan or auto loan restructured sitting at home through the bank’s portal https://bank.sbi/ or https://sbi.co.in.
Income details will have to be given to know the restructuring eligibility
SBI said that through this portal restructuring of retail loans like home loan, auto loan will be done easily. Customers will have to provide details of their income only to get the information about the eligibility of loan restructures. Explain that under the loan restructuring framework of RBI, those borrowers whose loan accounts fall in the standard category are eligible for loan restructuring. In this, those customers will come, who have not defaulted 30 days or more in the loan payment till 1 March 2020. Also, those whose income has been affected by the Corona crisis will also come under its purview.
Request for Moratorium can be done through the portal
Through this portal of State Bank, customers will also be able to request for their loan Moratorium. Under this, moratorium can be requested for one month to 24 months. Not only this, customers can also request to increase their loan repair period through this portal. RBI has allowed banks to give loan restructuring option to their individual customers. Finance Minister Nirmala Sitharaman had asked banks to start loan restructuring scheme by 15 September 2020.
This is how you can restore your loan through the portal
- After logging into the portal, retail customers of SBI will be asked to enter the account number.
- After completion of OTP validation and inserting some necessary information, the customer will be able to know his eligibility for restructuring the loan. He will also get a reference number.
- Reference number will be valid for 30 days. During this time the customer can visit the bank branch to complete the necessary formalities.
- The process of loan restructuring will be completed after verification of documents and execution of documents in the branch.
