Sundaram Finance has extended a One-time Restructuring Scheme for MSME contracts to support businesses severely impacted due to the COVID-19 pandemic and resultant stress caused in the economy.
This Scheme is available till March 31, 2021.
As per the Scheme, asset classification of the restructured contracts of Customers will continue as ‘Standard’ as on the date of implementation of the restructuring, subject to the following conditions:
The Scheme will be extended subject to viability assessment and production of supporting documents as per internal guidelines.
Important documents to be submitted for restructuring:
Restructuring will involve a reduction of the monthly instalments for the next few months and an extension of the tenure of the contract. The restructuring shall be done at the same rate applicable at the time of execution of the contract, i.e. there will be no increase in the interest rate. However, a onetime Rescheduling Charge and Processing Fee shall be applicable. Additional collateral security may be required, based on internal guidelines.
Advisory to Customers: Please avail Restructuring only in case of genuine stress in your business. Restructuring will involve elongation of the contract tenure as well as an increase in the total amount to be repaid over the duration of the contract. We would also be required to update the credit bureau status of the contract as “Restructured”.
Please click here (please keep your customer code ready) to check indicative options relating to changes in tenure and EMI. Actual numbers may vary.
Acceptance of restructuring request is subject to internal guidelines of Sundaram Finance.
Please contact your servicing Branch for further details. Click here for contact details of our Branches.