Digitization has been gaining pace because it seems like the most convenient and safest option considering our situation that revolves around the virus. Under the RBIs one-time loan recast norms, the companies have been asked by the state-run Indian Bank to file requests for the restructuring of loans.
Indian bank has brought in the market the facility of restructuring loans online.
It indeed is excellent news for the personal loan borrowers who are associated with the Indian Bank. The bank has launched an online system on its website through which you can raise a request for personal loans.
To relieve people from COVID stress, the Reserve Bank of India (RBI) has launched a restructuring scheme in August of this year. According to the scheme, personal loans taken by the corporate borrowers can be restructured once under the one-time recast norm.
To avoid confusion and online chaos, the Indian bank has its plan ready. Every person who registers for the restructuring shall have a unique code number. This unique code number shall help the bank to keep a record of the request. Other than that, people could have their requests taken care of one by one, as everyone would be an individual represented by a number.
After you have registered and got your unique number, you will also receive an SMS from the lender to visit the branch of the Indian Bank with the documents that are needed for the restructuring of the loan. Here you need to know your unique number, as the bank shall ask you for it.
It is not necessary that the borrowers have to only apply online for the restructuring process to initiate. They can also visit their nearest branch with all the documents that are listed on the website of the bank. Once you submit all the documents and fit in the criteria of the restructuring process, there wouldn’t be much time wasted for the same.