If you have an SBI card, then bank will provide special loan repayment plan

New Delhi: SBI Card is going to start the enrollment process under restructuring plan for its ‘guilty’ customers. Borrowers who do not pay the EMI installment in the second period of the moratorium will be enrolled under the Restructuring Plan.They will be given more time and better interest plans for repayment.

A senior official of SBI Card giving information said, ‘Customers who choose SBI Repayment Plan over RBI’s Restructuring Plan will also get a special benefit’.

SBI Card Managing Director and CEO Ashwi Kumar Kumar Tiwari said that due to the Moratorium, customers did not pay installments in first three months and the company considered them as Standard Account.

After this, in the second period of the moratorium, the company started the enrollment process for the customers. In this, many customers did not register themselves. Those who have not repaid, we are considering them as guilty customers.

Tiwari, who took charge last month, told the news agency PTI in an interview, “We are now enrolling these guilty customers under the RBI restructuring scheme or our repair plan so that they can get their due on more time and better interest rate.”

According to the company, it had Rs 7,083 crore arrears in May, which was reduced to Rs 1,500 crore in June.

Benefit will be given under SBI repair plan. Customers who do not take the benefit of the RBI Restructuring Scheme, will choose the repayment plan of SBI Card, they will get a special benefit. SBI Card will not send the report of such customers to the credit scoring agency CIBIL.

SBI Card had a net profit of Rs 393 crore in the April-June quarter. However, during this time the banks income had come down from Rs 2,304 crore to Rs 2,196 crore. But now, given the increasing number of NPAs, it can be said that the second quarter will be challenging for SBI.

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