SBI Card has shared detailed guidelines on how to offer restructuring option to accounts stressed due to COVID 19. The resolution framework is as per RBI’s circular released on August 6, 2020 to revive stressed customers due to pandemic. The intent is to facilitate revival of various sectors and mitigate the impact of financial disruptions caused to individuals and business units.
Eligibility for Restructuring- Individual & Corporate SBI Cards
The guidelines issued by SBI Cards are only applicable to accounts impacted temporarily due to COVID-19 related stress. This framework is valid till December 31, 2020.
Only following accounts are eligible to apply for aforesaid repayment relief:
As on March 1, 2020, the account should be classified as Standard and must not be in default for more than 30 days. The account should not be classified as NPA in last 12 months (i.e after March 2019).
This repayment restructuring is open to only those accounts that have enrolled for Moratorium relief between March 2020 to August 2020. Those accounts which missed any of the payments during this period are also eligible.
Exclusions-
This policy is not open for SBI Card employee accounts.
SBI Card is also creating a list of accounts eligible for one-time repayment restructuring resolution as per the assessment of COVID-19 stress on the customer accounts. The facility will be offered on account level and not the customer level. This means, if the customer has multiple cards, only eligible account or accounts will be offered the relief.
Accounts that have already been restructured or settled between March 2020 and July 2020 are not eligible for the relief.
What You Should Also Know-
For Corporate Cards the requests should be sent by the corporate authorized personnel. The decision for restructuring will be made as per existing risk segmentation of the account.
The resolution should be invoked before December 31, 2020. Requests received after the deadline will not be entertained by SBI Card. The request should be implemented within 90 days from the date of invocation for retail accounts and 180 days for corporate accounts.
The date of invocation will be the date on which SBI Card and customer agrees for the proceedings.
The customer needs to submit consent for the resolution plan.
The resolution plan will include conversion (restructuring) outstanding balance into a term loan for 3 to 24 months.
The rate of interested range between 13% to 19% as per the stage of delinquency and chosen tenure.
All accounts that opt for restructuring remain Standard. Those accounts that may slip to NPA between invocation and implementation will be upgraded to Standard on the date of implementation of the plan and past reporting will also be updated.
RBI’s guidelines will be followed for asset classification.
The accounts that opt for resolution will be reported to credit bureaus and marked as “restructured.” Those accounts which are under negotiation stage will be classified as restructuring under Prudential Framework.
The credit rating will be governed and estimated as per the policies for restructured accounts followed by the credit information companies such as CIBIL.
What is the restructuring scheme for Credit Cards?
The Reserve Bank of India has issued a framework to banks & lending institutions to prepare resolution plans to address economic fallout due to the COVID-19 pandemic. Following these regulatory guidelines, SBI Card has framed its policy for restructuring of accounts impacted due to the COVID-19 pandemic. Both individual and corporate accounts that were classified as standard till March 1, 20 are eligible for the relief.
Who is eligible for SBI Credit Card restructuring plan?
SBI Card is making a list of accounts eligible for restructuring resolution. The eligibility is assessed as per the impact of COVID-19 stress and the status of account as on March 20. Also, the offer is not available to SBI card employees. The eligibility will be assessed basis the account and not the customer.
What tenure is allowed for restructuring of SBI Cards?
The tenure for restructuring will vary from 3 to 24 months.
What is rate of interest for restructuring of SBI Credit Cards?
The SBI Cards has shared a range of interest rate for restructuring of card outstanding. It will vary from 13% to 19% as per delinquency and tenure of restructuring.
Can I apply for restructuring of all my SBI Credit Cards?
The eligibility for restructuring will be assessed basis the account and not the customer profile. Thus you need to apply separately per account and that too, as per the eligibility for each card. If all of your accounts are eligible for the relief you may apply.
What happens to status of account that was degraded due to non-payment?
On the acceptance of your restructuring request, the status of accounts degraded after Moratorium will be upgraded to standard by SBI Card.
I converted my outstanding to EMIs in June 20, am I eligible for restructuring?
No, those accounts that already availed restructuring between March 20 to July 20 are not eligible for further repayment deferment.
What happens to my Credit Score after card restructuring?
After you apply for restructuring, the same will be reported to CIBIL. The status will reflect as restructured account. The credit rating will be assessed as per existing rules for restructured accounts.
Updated On Jul 4, 2026
Written By
Written By Reshma RawatAssistant Content ManagerCredit Cards, Credit Score, Personal Loan, Home Loan, etc.
Reshma Rawat is a passionate writer with a decade of experience in writing for a variety of domains (finance, technology, lifestyle, e-commerce, real estate, etc.). Currently, she is working as Assistant Manager - Content @MyMoneyMantra and writes blogs & webpages on financial products (loans, credit cards, insurance, government financial policies, mutual funds, etc.).
