Abiding by RBI’s restructuring guidelines for stressed accounts Axis Bank has released a form for applying for debt restructuring for salaried individuals. The facility is available to all those who are impacted due to COVID19.
The customers can fill the form and submit to the bank branch.
The Axis Bank’s restructuring form can be accessed here:
Customers are required to shared details of account restructuring is sought for along with reasons to opt for restructuring. The documents to prove income loss are required to be attached with the form. The bank has also offered one time loan settlement options to small business units. The customer is also expected to share current income, projected income and other sources of income in the application.
In terms of RBI’s “Master Circular – Lending to Micro, Small and Medium Enterprises (MSME) Sector”, Bank shall follow a merit based non-discretionary, one-time settlement policy for the recovery of NPAs under MSE Sector. All settlement proposals/offers shall be examined by the Bank’s delegated authority based on facts and merits of each case.
1. KYC documents of all stakeholders, including borrowers, guarantors (Voter ID, Passport, Driving License, UID)
2. Bank statements for last 12 months for all co borrowers.
3. Salary slips for latest 6 months with banking reflection
4. Latest 2 years IT returns and Form 16 for latest year or Form 26 AS for FY20 and FY21 till date
5. In case of job loss, salary cut or deferment a letter from current employer about the same is required.