The largest bank in India State Bank of India or SBI has launched an online portal where its clients can verify their eligibility for restructuring their loans online. In accordance with the Reserve Bank of India directives, SBI has introduced a restructuring policy to provide relief to its retail borrowers from the adverse impact of COVID-19. Home and related loans, education loans, auto loans, and personal loans are covered by this restructuring plan, subject to eligibility.
SBI retail customers will be prompted to enter their account number when logging into the portal. After completing the OTP validation and entering some necessary data, the customer will know their eligibility and will receive a reference number.
This reference number will be valid for 30 days and within which customers may visit the branch to complete the required procedures. The restructuring process will be completed after the verification of the documents and the execution of simple documents at the branch / CPC.
CS. Setty, Managing Director (Retail and Digital Banking), SBI, expressed the hope that with the launch of this portal, customers will find it operationally convenient to verify their eligibility before going to a branch.
Under this RBI-framed resolution framework, such borrowers are eligible whose loan accounts were classified as standard and were not in default for equal or more than 30 days as of March 1, 2020, and their income is affected by COVID-19.
Approval of the borrowers’ loan restructuring request under this scheme, which will be governed by RBI guidelines, would be transmitted to them by the SBI / CPC branch.
SBI clients will be issued a letter of settlement (in duplicate) stating the details of the repair sanctioned under the framework and other terms and conditions. They must return the duplicate duly executed and signed by all the signatories of the loan and also guarantors (if any) as a sign of having accepted the terms and conditions contained therein within a period of 10 days.
State Bank of India (SBI) is the largest commercial bank in terms of assets, deposits, branches, customers and employees. As of March 31, 2020, the bank has a deposit base of more than Rs. Rs 32 million lakh.
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