State Bank of India (SBI) has come out with a Restructuring Policy. SBI on Monday announced the launch of an online portal for smooth and hassle-free implementation of the Restructuring Policy. Under this policy, borrowers have the option of requesting a moratorium of 1-24 months
and extension in loan term. Retail borrowers can check their eligibility instantaneously for loan recasts by providing income details.
Check Eligibility :-
A borrower will be considered as affected by Covid-19 pandemic, if any of the following conditions are fulfilled:
i. Your salary/income in Aug 2020 has got reduced when compared to Feb 2020
ii. Reduction/suspension in salary during lockdown period
iii. Job Loss/closure of business
iv. Closure during lockdown/reduced activity of units/shops/business establishments in case of self-employed/professionals/businessmen
Loans covered :-
The following loans are covered under the Framework:
i. Housing and other related Loans
ii. Education Loans
iii. Auto Loans (other than loans for commercial use)
iv. Personal Loans
Are all the Loans under above categories eligible?
No. To be eligible under the Framework, the following eligibility conditions…..Read More>>