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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


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.

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