SBI launches loan resolution scheme But use the extension of tenure option carefully, as it can be done only once. This scheme is applicable on loans including Personal, Home & Car loans.
Who can take advantage of this Scheme:
- Available to all
- Retail Loan Borrowers
- wholesale and SME clients
- Not for Defaulters.
The facility is offered across India and there is no limit on the size of the loans or defaults. Bank Branch getting 5-10 cases per day.
How this Scheme Works?
1. Visit the Branch and submit application to the branch Manager
2. For a one-time settlement, the manager will seek an in-principle nod from the sanctioning authority.
3. The OTS may be denied or granted depending on the loan amount.
4. Those opting for restructuring of assets may be counselled about the process.
5. Borrowers can opt for rectification, restructuring or one-time settlement.
Restructure involves resetting the EMIs, which will be done depending on the life of the asset. Borrowers can approach the bank to extend the loan tenure provided there already hasn’t been an extension.
For a one-time settlement, the borrower has to pay 10 per cent immediately and the balance in three months.