SBI Card gives customers option to restructure credit card payments into loans

SBI Card MD & CEO Ashwini Kumar Tewari said customers would be better off opting for the scheme to preserve their credit history.

Moneycontrol News

September 12, 2020 / 14:50 IST

SBI Card is offering to restructure credit card payment of customers who availed moratorium into loans which have 70 percent 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 told The Times of India the decision was made keeping in mind that interest on credit card balance is over 40 percent and any further delay in payment would only increase customers’ outstanding dues.

Tewari pointed out that in Q1 they had Rs 7,083 crore under moratorium which has now come down to Rs 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,” he said.

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Further addressing hopes of an interest fee waiver from the SC, Tewari said “lots of customers are not convinced” but would be better off opting for the scheme to preserve their credit history.

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