India’s largest government-owned bank State Bank of India (SBI) has recently come up with a new initiative to provide relief to its customers. According to news, under the SBI Debt resolution Program, up to 90 % discount is offered to arrears that have deposited loans before 31 January 2021.
Under this scheme, a major relief has been given to the debt defaulters. That is, the old defaulters who have taken the loan will be debt-free by paying only 10 per cent. You can avail a lump sum debt resolution scheme by 31 January 2021 and repay the debt.
How will the scheme benefit?
Under this scheme, the exemption will be given for any type of NPA loan except agriculture loan, agriculture, business etc. There is also an additional exemption of 5 to 15 per cent of the settlement amount on one lump sum or prompt payment. In this scheme, the account can be closed by depositing only 10 per cent amount. The defaulters can get information related to their NPA account by contacting the bank. The Important thing is that farmers taking agricultural loans will get more benefits of this scheme.
Eligible for debt settlement
According to the Assistant Manager of State Bank of India, a loan account which has been classified in NPA on or before 31 December 2019, the total outstanding per borrower is up to Rs 20 lakh, all such accounts are eligible in the debt resolution scheme
Where to contact
You can contact your home branch or the nearest branch of SBI to avail of this scheme. You can avail this plan for a limited time.
Source: – Krishi Jagran
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