SBI launches restructuring policy for loans; Check details

New Delhi: There is a big news for the customers of State Bank of India (SBI), the country's largest bank. SBI has announced a loan restructuring policy as per the instructions of the Reserve Bank of India (RBI). It aims to relieve the bank's retail borrowers from the impact of covid-19.

To implement the loan restructuring policy, SBI has launched an online portal. Customers can find out whether they can have a home loan or auto loan restructured sitting at home through the bank's portal https://bank.sbi/ or https://sbi.co.in.

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Customer can check loan eligibility on portal:

It has been said by SBI that through this portal, restructuring of retail loans like home loans, auto loans can be done easily. Customers only need to provide their income information to get the eligibility information for loan restructuring.

It is worth noting that under the loan restructuring framework of RBI, customers whose loan accounts fall in the standard category are eligible for loan restructuring. It will come to customers who have not defaulted 30 days or more in the loan payment till March 1, 2020. In addition, those whose income has been affected by the Corona crisis will also come under its purview.

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Customer can apply online for SBI Loans:

Now customers will also be able to request for moratorium of their loan through this portal of SBI. Under this, moratorium can be requested for one month to 24 months. Along with this, customers will also be able to request for extending their loan repayment period through this portal.

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Process to use SBI Portal:

Login to the portal and after that SBI retail customers will be asked to enter the account number.

After completion of OTP validation and inserting some necessary information, the customer will get the information about his eligibility for loan restructuring. He will also be given a reference number.

Reference number will be valid for 30 days. During this time customers can visit the bank branch to complete the necessary formalities.

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

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