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Representative image | Photo credit: PTI
Key highlights
- Employees must submit a current salary statement in February 2020. Together with a declaration of income, which is expected in a maximum of 24 months
- If you lose your job, you would have to submit a letter of resignation and pay slips stating that no income was generated
- Business people or freelancers are required to provide evidence of the impact of the pandemic on their revenue / income
Have you read all the details of your bank’s new credit restructuring standards and are ready to dive into them, but want to finalize the revision in one fell swoop and are looking for the exact documentation needed to do so? Then you have hit the right target.
Here is a consolidated list of the self-certified documents required by various banks to reevaluate your loan.
employee
The most important document that everyone needs is a copy of the pay slip for the month of February 2020 and the last pay slip. Remember that the restructuring facility is only available to those financially affected by the pandemic.
These persons are requested to submit a declaration of expected income immediately after the desired moratorium period has expired, a maximum of 24 months. This gives the banks the assurance that the borrower can repay the loans.
If you lost your job during this crisis, submitting a dismissal notice from your previous employer is a must. However, if you have not received a letter of termination or are unable to obtain one, the banks will accept your pay slip, which shows that no income has been credited to your account during the period mentioned, together with a self-declaration.
Business people or professionals
For entrepreneurs or self-employed or freelancers, a company account statement for February 2020 is required up to 15 days before the application. You will be asked to provide a statement that your company was affected by the lock. Income tax returns and Udyog certificates are required along with these GST returns for H1 FY20 & FY21.
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