Know the step by step process to Restructure SBI Retail Loans Online of COVID -19 moratorium period – India’s largest lender has launched an online portal for smooth and hassle-free implementation of restructuring of retail loans. The process is simple and online and customer needs to provide the account number and few details to know the eligibility.
Borrowers can request a moratorium of 1-24 months and extension of their loan term.
SBI has launched this facility, after the Reserve Bank of India (RBI) allowed banks to provide loan restructuring options to individual borrowers.
Here is a look at how borrowers can use SBI’s loan restructuring portal.
How To Restructure SBI Retail Loans Online through portal ?
1. Visit SBI Web Portal for COVID -19 Stress Assets or Click Here
2. Enter your Loan Account Number
3. An OTP will be sent on the registered mobile number,
4. After completion of OTP validation and inputting a few necessary information, the customer will come to know their eligibility.
5. A reference number will be generated
6. This reference number will be valid for 30 days and within which time customers can visit the branch to complete the required formalities.
7. The restructuring process will be complete after verification of documents and execution of documents at the branch/CPC or Loan center.
Also Read – SBI Debit Card EMI – Check the Eligibility
Who are Eligible for Restructure of Loan ?
Under 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 were 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 their SBI branch/CPC.