SBI Card is restructuring credit card dues for those who availed moratorium by converting it into loans where the interest is up to 70% lower. The company is has promised users that, should the Supreme Court grant any interest relief during the moratorium period, the benefit will be adjusted against subsequent instalments on the loan.
SBI Card managing director & CEO Ashwini Kumar Tewari said to TOI, “According to our Q1 numbers, in the month of May, we had Rs 7,083 crore under moratorium, which came down to Rs 1,500. 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 a the ‘easy pay’ option,”
