Here is the eligibility criteria for the one-time loan restructuring offered by the RBI due to the Covid-19 pandemic:

  • The borrower’s income should have been affected due to the COVID-19 pandemic.
  • The borrower’s loan account must be classified as standard and have no dues pending as on March 1, 2020 or dues overdue for less than 30 days with any banks or financial institutions. All other accounts will have to follow the June 2019 framework for resolution. The restructuring is valid only before December 31, 2020.
  • The one-time restructuring is offered to all retail borrowers including home loan borrowers, vehicle loan borrowers, personal loan borrowers, etc. 
  • The one-time restructuring scheme can also be availed by MSME sectors. The scheme would only apply to MSMEs with outstanding debt worth up to Rs 25 crore.
  • The borrower’s credit report and credit history should be satisfactory as per the respective creditor’s policy and as well as the regulatory guidelines.