SBI gives option to restructure credit card pay into loans

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News for SBI Customers …!!!!

SBI Card is now offering to restructure credit card payment of customers, who availed moratorium into loans, which have 70% lower interest rate, besides promising to pass on any relief ordered by the Supreme Court (SC) in future instalments.

Ashwini Kumar Tewari, MD and CEO of SBI Card says that the decision was made keeping in mind that interest on credit card balance is over 40% and any further delay in payment would only increase customer’s outstanding dues.

Tewari pointed out that in Q1 they had ₹7,083 crore under moratorium which has now come down to ₹1,500 crore. A large chunk of this has been repaid, while those who have not repaid have been classified as delinquent, although they are not yet NPA. We are asking them to enrol into the ‘easy pay’ option.
Further addressing hopes of an interest fee waiver, Tewari said that lots of customers are not convinced but would be better off opting for the scheme to preserve their credit history.
The company has seen transactions rise to 80% of pre-COVID levels recently, mostly led by online spending, which is up 105% of pre-pandemic levels.

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