Udayavni Special

SBI restructuring scheme: Who can avail the scheme and how to apply?


Team Udayavani, Sep 22, 2020, 3:16 PM IST

The country’s largest lender, State Bank of India (SBI) launched an online portal for retail borrowers who are seeking further relief from their loan’s Equated Monthly Instalment (EMI) repayments amid Covid-19.

Housing and other related loans, education loans, auto loans and personal loans are covered under this restructuring scheme, subject to eligibility.

The last date for applying for this loan restructuring scheme is 24.12.2020 and loans taken after 1.3.2020 will not be eligible for this scheme

Eligibility

According to ET, A borrower will be considered as affected by Covid-19 pandemic if any of the following conditions are fulfilled:

Your salary/income in Aug 2020 has got reduced when compared to Feb 2020

Reduction/suspension in salary during lockdown period

Job Loss/closure of business

Closure during lockdown/reduced activity of units/shops/business establishments in case of self-employed/professionals/businessmen

Also, Your loan should be a “Standard Account” as on the date of application for relief under this framework and should have been ‘standard’ and also not in default for more than 30 days as on 01.03.2020.

You should have been affected by Covid-19 pandemic and fulfil any of the conditions stated above

Here’s how you can apply

SBI’s retail customers upon logging into the portal will be asked to key in their account number. After completion of OTP validation and inputting a few necessary information, the customer will come to know their eligibility and receive a reference number

This reference number will be valid for 30 days and within which time customers can visit the branch to complete the required formalities. The restructuring process will be complete after verification of documents and execution of simple documents at branch/CPC.

As reported by Live Mint, After applying, an SBI branch/CPC will convey whether your application has been approved or not

SBI customers will be issued an arrangement letter (in duplicate) stating the details of relief sanctioned under the framework and other terms and conditions.

They have to return the duplicate copy duly executed and signed by all the signatories to the loan and also guarantors (if any) in token of having accepted the terms and conditions contained therein within 10 days.

Udayavani is now on Telegram. Click here to join our channel and stay updated with the latest news.

Top News

At least 4 students killed in blast at religious school in Pakistan

After over 3 months, less than 40k COVID cases reported in single day across country: Govt data

Curtains down on Mangaluru Dasara without customary procession

Star attraction of Pilikula Zoo Tiger Vikram dies of old age

Cong accuses RR Nagar BJP candidate Muniratna of bribing voters

K’taka COVID-19 update: 3130 new cases, 8715 discharges, 42 deaths on Oct 25

Modi didn’t accept even tea during 9-hour questioning by Gujarat riots SIT: Raghavan



Related Articles More

Why are Middle East countries calling for a boycott of French products?

What is Listeria outbreak linked to Deli meats in US?

Can mouthwashes, nasal rinses provide protection against Covid-19?

What is Yellow Dust, that North Korea has warned could be carrying Covid-19?

Nada Habba: Here is all you need to know about Dasara Elephants

MUST WATCH

Mysore Dasara 2020: A Simplified Historical Jambusawari

Dasara 2020: Covid Anxiety Disrupts Mysore

Viral Video: Man Seen Swimming through flooded streets

Fate of helpless funfair workers stranded in Mangalore

Story behind Vijayadashami celebration | Udayavani

Latest Additions

Mandeep’s mental toughness has rubbed off on the entire team: KL Rahul

Sidddu challenges BJP for open debate on fiscal performance of Cong govt

Indian cricket fan deserves to know more about Rohit’s fitness: Gavaskar

Scientists find water on sunlit surface of Moon

Why are Middle East countries calling for a boycott of French products?

Thanks for visiting Udayavani

You seem to have an Ad Blocker on.
To continue reading, please turn it off or whitelist Udayavani.