With Covid 19 hitting the ground all over the world, it has uprooted the financial stability of a lot of people. It is spreading like a wildfire and it is now completely up to us how much we can control and conquer it. Keeping the financial constraints that people are going through and the social distancing norms in view, SBI has launched their online portal for all to apply for a loan, understand them and restructure their pre-existing loans, all from the comfort of their homes. Customers can restructure their Education loans, Car loans, Housing loan, personal loans, and sorts according to the eligibility criteria of the bank.
Through this restructuring scheme, retail customers can now choose to suspend their loan for about 1-24 months.
The loan restructuring can be done online by following some simple steps –
- Go to https://digivoucher.sbi.co.in/EMIRestruct/EMI_CustomerLogin.jsp and login with your credentials.
- Once you are logged in, you are required to submit your loan account number following which you have to enter the OTP and other important information into the portal to verify your account.
- The system will check your eligibility and then provide you with a reference number. Your reference number will remain viable for the next 30 days.
- Anytime during these 30 days, you can visit the nearest SBI branch and complete the formalities. The bank officials will re-check your eligibility and verify the documents provided by you for the loan application.
- Your restructuring process will be complete once the bank has verified and accepted the documents.
- After all the formalities are done with, your loan will be amended according to your needs and requirements.
Under the resolution framework of the RBI for loan restructuring, it is only if your loan was classified as standard and not default for equal to or more than 30 days as of March 1, 2020, are you eligible for restructuring the loan accounts.