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The State Bank of India (SBI) has launched an online portal for retail borrowers who are seeking further relief from their loan Equated Monthly Instalment (EMI) repayments because of novel coronavirus pandemic. Apart from launching the portal, the bank has also released a set of FAQs to answer the borrowers' queries regarding who is eligible for seeking restructuring of loans and how the process will work.
The rules, mentioned in detail below, clarify that any further moratorium can be for a maximum of two years and that the last date for applying for this loan restructuring scheme is 24.12.2020. What is more, loans taken after 1.3.2020 will not be eligible for this revamp scheme even if the borrower's finances are impacted by the pandemic.
Additionally, SBI will compare your salary slip from February 2020 with August 2020 to know the eligibility of your loan restructuring resolution among other eligibility criteria.
The rules, mentioned in detail below, clarify that any further moratorium can be for a maximum of two years and that the last date for applying for this loan restructuring scheme is 24.12.2020. What is more, loans taken after 1.3.2020 will not be eligible for this revamp scheme even if the borrower's finances are impacted by the pandemic.
Additionally, SBI will compare your salary slip from February 2020 with August 2020 to know the eligibility of your loan restructuring resolution among other eligibility criteria.