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As part of RBI’s Covid-19 relief measures, the State Bank of India (SBI) is offering loan borrowers who are financially impacted by the COVID-19 pandemic an option to restructure their personal loans. Since the restructuring plan is entirely optional, those who can continue paying their regular EMIs must do so to minimize interest charges and a potential impact on credit scores.

What is Loan Restructuring?

The SBI COVID-19 loan restructuring is designed to offer relief to loan borrowers who have a difficult financial situation due to the COVID-19 pandemic. The relief offered to personal loan borrowers broadly includes the following:

  • The maximum moratorium period is 24 months
  • Recalculation of the EMI payments as per the type of relief sought by the borrower

Eligibility Criteria

The eligibility criteria for availing SBI personal loan restructuring are:

  • A borrower who has availed of the loan on or before 1 April 2021
  • NPA account is not eligible and the borrower should have a “Standard Account” as of 31st March 2021
  • Only those borrowers who are undergoing financial stress due to the COVID-19 pandemic are eligible. A borrower will be considered eligible only if the following conditions are satisfied:
    • Reduced income or salary as compared to February 2020 levels
    • Business closure or job loss
    • No salary or reduction during the lockdown
    • Closure of business during lockdown or reduction in the activity of shops/units/business of businessmen/self-employed individuals/professionals
    • No impact to salary but self and/or family members impacted by COVID and incurred significant expenses related to the treatment of COVID -19

Only those borrowers who have not availed moratorium in the earlier restructuring framework are eligible. In case of a borrower availed of a moratorium under Restructuring Framework 1.0 for less than 24 months, he/she may apply for a moratorium extension of up to a maximum of 24 months under Framework 2.0.

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