Good News for Farmers: Deposit Loan before January 31 and Get Up to 90 Percent Discount

India’s largest government owned bank State Bank of India (SBI) has recently come up with new plan to give relief to its customers. As per reports, up to 90 percent discount is being given to arrears who have deposited loans before 31 January 2021 under SBI's Debt Resolution Scheme. 

Moreover, now the old defaulters can be debt free by paying 10 percent of the loan taken.  As per some media reports, SBI Patan's manager Jaipal Sundi and field officer Anoop Kumar have met the bank defaulters and asked them to take advantage of one time settlement plan (OTS) by 31 January 2021 and repay the loan. 

As per the loan category NPA, Relevant account 1, Relevant account 2, Suspicious account 3, the defaulters can avail up to 90 percent of the benefit of OTS. Under the defaulters OTS scheme, by depositing only ten percent of the outstanding amount, the bank can be free from debt, said Manager Sundi. 

Which Type of Loan will get Benefit of OTS Scheme? 

Under this scheme, agriculture, business, etc. can avail NPA loan under this scheme. You can avail the benefits from these schemes till 31 January.  

By applying before 31 January, the defaulters can also get an additional 5 to 15 percent as incentive by the bank. You can get information related to your NPA account by contacting the defaulting bank. 

Farmers Can Get the Most Benefits from Agricultural Loans  

According to the Manager and Field Officer Patan Branch, outstanding amount of 2 crore is under the name of 600 farmers who took agricultural loans. These people can get the benefit from this scheme. The notice of OTS pardon is being given to such defaulters. Moreover, if you do not take the benefits of forgiveness within the stipulated time, then you will have to fill the entire amount later. 

Who will be Eligible for debt resolution scheme? 

Under the loan scheme, accounts are being closed by depositing the remaining amount in one lump cash by giving 15 to 90 percent discount on the outstanding balance of the old borrowers. According to State Bank of India assistant manager Srinivasan Prasad Rao, such loan account which has been classified in NPA on or before December 31, 2019, the total outstanding per borrower is up to Rs 20 lakh, all such accounts are eligible in the debt resolution scheme.  

Under this scheme, full rebate of interest will be given in the lump sum settlement accounts after the date of NPA. Depending on the eligibility of outstanding amount, 15 to 90 percent discount will be given as per the terms of the scheme. There is also an additional exemption of 5 to 15 percent of the settlement amount on one lump sum or prompt payment. In this scheme, account can be closed by depositing only 10 percent amount. 

Where to contact to take advantage of debt resolution scheme? 

This is a golden opportunity to get rid of debt beyond the old period. He appealed to the old NPA borrowers to immediately get a debt relief certificate in the debt settlement scheme by closing the account immediately. For taking advantage of this scheme and for detailed information, contact directly at your home branch or nearest branch of SBI.  This plan is for a limited time.