InvestorQ : What is the SBI loan restructuring scheme and who can avail it?
Priyanka Singh made post

What is the SBI loan restructuring scheme and who can avail it?

tanvi Patel answered.
11 months ago

Recently, State Bank of India has launched an online portal for retail borrowers who are looking for further relief for repayment of their loan’s Equated Monthly Installment (EMI) because of the disruption caused by the coronavirus pandemic. Under this scheme, selected borrowers will get an extended moratorium for a period of 2 years over and above the moratorium given by RBI. Besides launching the portal, the bank has also issued a set of FAQs to answer the queries of borrowers regarding eligibility and other common user questions.


Unfortunately, the scheme benefit shall be extended to selected loan classes, namely:

I. Housing and other related loans II. Education Loans

III. Auto Loans (other than those for commercial use) IV. Personal Loans

There are several other conditions that one needs to fulfill to be eligible for the restructuring scheme

  1. Your loan account should be a “Standard account” as on the date of application.
  2. Your account should not be in default for more than 30 days as on 01.03.2020
  3. One should be affected by COVID-19 and: (any of the below conditions)

-Your salary/income in August 2020 has been reduced when compared to Feb 2020.

-Reduction/suspension in your salary during the lockdown period has taken place.

-Job loss or closure of your business

-Closure during lockdown/reduced activity of units/business establishments/shops, etc. in case of self-employed or professional.

You can avail the facility by visiting the website of the bank and your application will be validated through an OTP received on your registered mobile number.