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FAQs for Resolution Framework for COVID-19 Related Stress
FAQs for Resolution Framework for COVID-19 Related Stress
What is the purpose of this Resolution Framework?
Resolution Framework is to provide relief to borrowers affected by the Covid-19 pandemic.
Who can apply for Resolution under this framework?
Individual borrowers having stress on account of Covid-19 pandemic due to following situations:
i. Your salary/income in Aug 2020 has got reduced when compared to Feb 2020
ii. Reduction/suspension in salary during lockdown period
iii. Job loss/closure of business
iv. Closure during lockdown/reduced business activity of units/shops/business establishments in case of self-employed/professionals/businessmen
Which are the loans covered under this Framework?
The following loans to individuals are covered under the Framework:
i. Vastu Siddhi home loans
ii. Saraswati Education Loans
iii. Auto Loans (other than loans for commercial use)
iv. Kwik lap loans (other than for business purpose)
v. Personal loan
Are all the borrowers having loans under above categories eligible?
No. To be eligible under the Framework, the following eligibility conditions need to be fulfilled:
i. The loan should be a “STANDARD ACCOUNT” as on date of application for relief under this framework and should have been ‘standard’ and also not in default for more than 30 days as on 01.03.2020
ii. The credit facilities continue to be classified as “Standard Account till the date of invocation the application of the restructuring. The date of invocation is the date on which both the borrower and Saraswat Bank agree to proceed with the resolution plan.
iii. Borrower salary/income should have been affected by Covid-19 pandemic.
Borrower have taken a loan after 1st March 2020 but affected by Covid-19 pandemic, whether I am eligible for the above framework?
As per RBI circular dated August 6,2020 only those loan accounts that existed in Banks books on 01.03.2020 are eligible for consideration under this Framework.
How to apply for relief under above Framework?
Contact Home Branch
What are the documents to be submitted while applying?
Copies of the following documents need to be submitted along with the application form at the Home Branch.
In case of Salaried Borrower:
i. 3 months pre covid Salary slips from January 2020 to June 2020 and latest two months salary slips.
ii. Accounts statement of the saving account where salary is credited.
iii. Letter of discharge from job (in case of job loss)
iv. A declaration about probable date of restoration of the original salary.
In case of Businessman Borrower:
i. The provisional/audited balance sheet for F.Y 2019-20
ii. Banks statements for last 12 months showing significant reduction in Credit Turnover and also turnover in the latest month reflecting restart of activity.
iii. Position of statutory dues.
iv. GST for last four quarters (ended December 2019, March 2020, June 2020 & September 2020)
v. Declaration that now business is gradually restarted which is affected by covid-19 pandemic.
Up to what date can I apply for relief under the Framework?
Assessment of resolution measures required is based on inputs given by borrower.
The bank will assess the viability of the customer to pay the restructured EMIs basis the documents provided, before granting the restructuring.
In any case, such sanction has to be received before 31.12.2020. Hence customer’s request/application should be received by bank latest by 31.10.2020.
What are the relief /relaxations available under the Framework?
The following relief/relaxations may be sanctioned under the Framework subject to compliance of bank norms:
Rescheduling of installments and extension of tenure including moratorium granted if any , subject to maximum of 2 years.
Whether there will be any change in EMI?
Yes. On account of moratorium granted, the tenure of your loan will be extended by the period of moratorium and the EMI payable after the moratorium will be recalculated and advised to you.
Will there be any change in pricing of my loan?
Yes, you will be required to pay additional interest of 1% p.a over and above your current pricing for the remaining tenure of the loan, in order to offset partial cost of additional provisions required to be made by the Bank as per statutory guidelines.
Can I apply for relief under this Framework for more than one account?
Yes, you may apply for relief under this Framework in more than one account.
How many days will the Bank take to process the request?
Normally, the Bank will endeavor to process your application in about 10 working days of your submitting the application.
Will I be required to pay any processing fee for the relief being extended?
Yes @0.10% of the restructured amount with cap of Rs.2.50 lac
What documents do I need to execute after sanction of relief under this Framework?
You will be issued Sanction Letter (in duplicate) stating the details of relief sanctioned to you under the Framework and other terms & conditions. You will have to return the duplicate copy duly executed & signed by all the signatories to the loan & also guarantors (if any) in token of having accepted the terms and conditions contained therein within 10 days.
For any queries / grievance related to restructuring -
Open An Account
Apply For Loan
Open 3-in-1 Account
Apply For Term Deposit
Get An Insurance
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