State Bank of India has given repayment relief to its retail borrowers and home loan borrowers affected by Corona (SBI loan restructuring). The bank will either provide a moratorium of up to two years i.e. 24 months or extend the period by 2 years by restructuring the loan. Announcing the scheme, CS Shetty, managing director of State Bank of India, said that, “the period of restructuring would depend on when the corona-affected person’s income would start or how long he or she could resume employment.”
Who Will Get This Facility
This facility of State Bank of India will be available to those who have taken a loan before 1 March 2020 and their income has been affected due to the lockdown. However, borrowers must prove that their income has been affected by the coronavirus epidemic. That is, do not think that every customer can take advantage of this facility.
Banks Like HDFC And ICICI Can Also Provide Loan Restructuring
State Bank of India is at the forefront of loan restructuring. But in times to come, banks like HDFC and ICICI can also facilitate loan restructuring. It is expected that these banks can move towards this facility by the end of this month. State Bank of India has also launched an online portal to understand the loan restructuring ability of the people.
The Duration Of Moratorium Will Be Decided Like This
After a thorough analysis of the source of income of the customer, the bank will find out how many days the Moratorium facility should be given to a customer. As per the guidelines from the Reserve Bank of India, the moratorium facility will be provided to the borrowers from 6 months to 2 years. Who will get this facility for 6 months and for more days, it will be known after the analysis.
Over 90 Lakh Customers Would Take Advantage Of This Facility
As of June, the moratorium facility is currently being provided on about 10% of the bank’s loan. Rajnish Kumar, Chairman of State Bank of India, believes that more people will not apply for loan restructuring. But experts believe that about 9 million people would like to take advantage of this facility. So any corporate or MSME who wants to avail SBI loan restructuring, have to go to any branch of the bank. They will not be able to avail this facility online.