SBI announces new policy for old loans, loan extension or EMI can be applied for at home

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Mumbai, Ta. 22 September 2020, Tuesday

State Bank of India has announced a new policy to relieve retail borrowers from the effects of COVID-19. SBI on Monday launched an online portal to implement the loan restructuring policy. Home loan or auto loan can be restructured through https://bank.sbi/ or https://sbi.co.in. Details of income have to be given. Borrowers whose loan accounts fall into the standard category can apply. Has not defaulted on loan repayment of 30 days or more till March 1, 2020. Those who have been affected by the crisis of income cores can also apply.

Details of income have to be given to know the restructuring eligibility
 The SBI said the portal would easily restructure retail loans such as home loans and auto loans. Customers will only have to provide details of their income to get information about their loan restructuring eligibility. Under the RBI's loan restructuring framework, borrowers whose loan accounts fall into the standard category are eligible for loan restructuring. This will include customers who have not defaulted on a loan for 30 days or more until March 1, 2020. In addition, those whose incomes have been affected by the Corona crisis will also come under its purview.

Through this State Bank portal, customers will also be able to request for their loan moratorium. Under this, a mortuary can be requested from one month to 24 months. Not only that, customers can also request to extend their loan repair period through this portal. The RBI has allowed banks to offer loan restructuring options to their individual customers. Finance Minister Nirmala Sitaram asked banks to start loan restructuring scheme by September 15, 2020.

This way you can restore your loan through the portal

- After logging in to the portal, SBI's retail customers will be asked to enter the account number.

- After completing the OTP validation and entering some required information, the customer will be able to know its eligibility for loan restructuring. It 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 required formalities.

- Loan restructuring process will be completed after verification of documents and execution of documents at the branch.

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