For Smooth and hassle-free implementation of the Restructuring Policy, SBI today announced the launch of an online portal
New Delhi: State Bank of India, the country’s largest lender, has come out with a Restructuring Policy as per directives of RBI with an aim to provide relief to its retail borrowers from the adverse impact of COVID-19. For Smooth and hassle-free implementation of the Restructuring Policy, SBI today announced the launch of an online portal.
How to apply?
SBI’s retail customers upon logging in 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.
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Under this resolution framework framed by RBI, such borrowers are eligible whose loan accounts were classified as standard and not default for equal to or more than 30 days as on March 1, 2020, and their incomes are impacted by COVID-19.
Approval from the bank
Post the applying process, an SBI branch/CPC will convey whether your application has been approved or not. The approval of borrowers’ loan restructuring application under this scheme – which is going to be governed by RBI guidelines.
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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