SBI to Accept Retail Loans Restructuring Requests Online through Portal

SBI to Accept Retail Loans Restructuring Requests Online through Portal

The State Bank of India will accept loan restructuring request for retail and corporate loans through a digital platform that will be live from September 24. The largest lender of the country has decided to use a custom portal for convenience of borrowers.

Thus SBI customers will be able to check their eligibility for loan restructuring by feeding in their current and expected income stream.

The RBI has already said that lenders may accept further moratorium for six months to two years as their lending policies. The SBI portal for restructuring will let customers know if they are eligible for an additional moratorium or not. However, customers of “corporate and MSME loans” will need to visit respective branches of bank or contact the relationship manager for recasting request.

SBI Chairman Rajnish Kumar said: We have 3 million housing loan customers; if anyone wants to check eligibility, it will be a total system driven automated process; we can’t do this process manually.

He further added that the system in place will check current income and expected income and will then suggest moratorium of 1-2 years. He said that, “We are planning to roll this out by September 22-24.”

SBI is the leading lender of the country with 49 crore of customers. In May 2020, 21.8% of its customers were booked under moratorium, while the number reduced to 10% in June 2020. As per the news report, around 90 lakh of all customers were last reported to have opted for EMI deferment facility for approx Rs 6.5 lakh crore.

The retail loan portfolio of SBI is around Rs 7.5 lakh crore, wherein 4.55 lakh crore are under home loans and over Rs 1.45 lakh crore are under personal loans.

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