SBI Answers Questions On COVID-19 Related Loan Restructing

SBI Answers Questions On COVID-19 Related Loan Restructing

Oneindia

The Reserve Bank of India (RBI) had permitted banks to provide a one-time resolution scheme to provide relief to individuals and businesses impacted by economic stress caused by the COVID-19 pandemic. Accordingly, the State Bank of India (SBI) has released a file answering FAQs on its scheme and has also launched an online portal for customers to check their eligibility to apply for the restructuring plan.

Keys points from the FAQs released by SBI on resolution framework for COVID-19 related stress relief: (Personal account segment)

  • Housing and related loans, education loans, auto loans (other than loans for commercial use) and personal loans are covered under the framework.
  • To be eligible, the loan should be a "Standard Account" as on the date of application for relief and also not in default for more than 30 days as on 1 March 2020.
  • The loan should also have been taken before 1 March 2020.
  • The borrower will be considered economic affected by COVID-19, if:
    • salary/income in Aug 2020 has got reduced when compared to Feb 2020
    • reduction/suspension in salary during the lockdown period
    • job loss/closure of business
    • closure during lockdown/reduced activity of units/shops/business establishments in case of self-employed/professionals/businessmen
  • The last day to apply for loan restructuring is 24 December 2020.
  • Customers can apply online (https://www.sbi.co.in/) or offline by visiting their home branch.
  • Relief provided under the resolution framework:
    • Moratorium of up to a maximum of 24 months.
    • Rescheduling of instalments and extension of tenure by a period equivalent to the moratorium granted subject to a maximum of 2 years.
  • Relief can be sought on more than one account.

source: goodreturns.in

Disclaimer: This is an automatically aggregated article/story by a computer program and has not been created or edited by Newsdig.in.

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