India’s largest lender State Bank of India (SBI) has unveiled its online portal especially for its retail customers who are exploring loan restricting plans.
SBI Managing Director, CS Shetty also announced the guidelines for eligible retail loan borowers during the launch today. “It is a very simple restructuring package where customers can choose between one to 24 months of the moratorium,” said Shetty. Borrowers will also be provided with an option to explore the top-up home loans, he further stated.
However, the extension of moratorium is associated with an extra interest of 0.35% as compared to the other customers.
“3,500 customers have accessed the portal to check their eligibility. Of those, only 111 were eligible. We will get a better picture of the percentage of customers that may avail restructuring by September-end,” he stated.
For availing this option SBI customers will be asked for furnish their account number on logging in the portal. Post the completion of the one-time password validation and furnishing of mandatory information, the customer will be notified about their eligibility and will receive a reference number.
This reference number will expire in 30 days, and within these timeframe the customer can visit the branch for completing the necessary formalities. The restructuring process will then be completed after verification of the required documents.
Banking regulator the Reserve Bank of India had unveiled the resolution framework for Covid-19 related stress on August 6.