Fullerton India Credit Co. Ltd. is Now SMFG India Credit Co. Ltd.

Resolution Framework 2.0

In order to provide economic relief to borrowers who have been financially impacted due to the 2nd wave of the COVID-19 pandemic and the resulting lockdowns, the Reserve Bank of India announced the resolution framework 2.0 to provide relief to distressed borrowers.

This scheme is different from the loan moratorium facility which was provided last year between Mar – Aug, 2020. Scroll down to know more.

We have taken cognizance of the RBI circular on Resolution of Covid-19 impacted loans and have formalized a Board approved Policy as advised by RBI. For detailed policy please click here.

Loan Resolution Calculator

You can now use our loan resolution calculator to understand how opting for this scheme may affect repayment terms of your loan.

Please keep copies of the earliest Loan Agreement (received when you availed for the first time), most recent loan agreement and current loan repayment schedule readily available for reference. If you wish to get these documents afresh, please contact us or use the customer login section of the website.


Actual monthly EMI


This is the amount you have to pay without loan restructuring

No. of EMIs to be paid without loan restructuring

0 Months

This is the no. of EMIs you have to pay without restructuring


The tenure is extending by more than what is permitted as per RBI regulations under the loan restructuring framework. Please enter a higher EMI amount.

Disclaimer: These values are indicative and actual values will depend on number of factors including eligibility and SMFG India Credit's policy at the time of loan restructuring.

How to use the Resolution Framework 2.0 Calculator?

  • Select your loan type from the dropdown
  • Select “Yes” if your loan had been restructured/resolved before Mar 31, 2021. Else select “No”
  • Enter, in months, your loan tenure as per the original loan agreement you had signed before all restructuring schemes / moratorium facility were applied.
  • Enter your loan tenure in months as per the current loan agreement / schedule. If you had not availed moratorium facility between Mar – Aug, 2020 and your loan hadn’t been restructured/resolved, then this value will be the same as the original loan tenure.
  • Next, enter the date of the latest EMI you paid for this loan.
  • Enter your principal outstanding as of today, interest rate, no. of EMIs remaining to be paid, and your current monthly EMI amount. To know these values, please refer to your current loan schedule.
  • Select if you would prefer a reduced monthly EMI or a moratorium period as a part of Resolution Framework 2.0
  • Enter the values
    • If you have selected “EMI reduction”, enter the monthly EMI you can pay.
    • If you have selected “Moratorium”, please select the number of months.
  • You will be able to see the number of EMIs you will now have to pay if your loan gets restructured as per the conditions in step #8, along with the increase in the interest payable. Please note that the increase in interest payable indicates the extra interest amount you have to pay from now till the end of your loan tenure as a result of Resolution Framework 2.0 vis-a-via the current loan schedule.

As per RBI regulations, overall tenure extension as a result of Resolution Framework 2.0 and Resolution Framework 1.0 cannot be for more than 24 months. Thus, if the tenure is getting extended for more than 24 months, you will have to pay a higher EMI amount or select a lower moratorium period. Please change the values entered in step #8 to continue. For MSME customers, if your loan account has already been resolved under Resolution framework 1.0, it may not be possible to resolve again. In such cases, please contact us or visit your nearest SMFG India Credit branch for more details.

Please note that this calculator is not valid in cases where:

  • Accounts not eligible for Resolution framework 2.0 – please scroll down to know more.
  • Penalty charges / other extra charges are applicable
  • In case of any change in interest rates during the loan tenure.

The aim of this calculator is to give you an approximate idea of how opting for loan restructuring may affect your loan. Values are indicative, and may not take into account other charges such as insurance, any bounce / penalty charges, loan restructuring fees, etc.

What is the process to get my loan resolved?

If you are facing financial difficulties as a result of the 2nd wave of the pandemic and are seeking relief you may submit a request online to get your loan resolved. Here are the steps to apply for the loan resolution under Resolution framework 2.0:

  1. Please visit the loan restructuring form page 
  2. Fill in your Loan Account Number (LAN). Please ensure you enter the same mobile number and email address as the ones that are registered with us.
  3. Verify your mobile number with OTP
  4. Enter the other requested information and submit the form
  5. We will evaluate your request based on the information you provide and determine your eligibility as per our policy and regulatory guidelines for the same. If considered eligible, we will get in touch with you for next steps.

Please note that:

  • Loans will not get automatically taken up for resolution and if you need to avail this scheme, you will have to apply online.
  • Last date for invocation is Sep 30, 2021. Thus, please ensure that your application is put in at least 30-40 days in advance.
  • SMFG India Credit can accept / reject your application as per the regulatory guidelines and our policy within 30 days of receiving your request.
  • Only upon successful verification, you will be contacted by our team to discuss terms of loan resolution.
  • Upon your acceptance, new terms will be communicated to you.

Implementation of the Resolution Framework 2.0 scheme will be done within 90 days of invocation.

Resolution Framework 2.0 and EMI Moratorium 3.0

Please note that the Resolution Framework 2.0 scheme is not the same as the RBI moratorium facility that was offered between Mar – Aug, 2020. Here’s how:

  • Only those applicants who satisfy the required eligibility criteria for Resolution Framework 2.0 will be considered for this scheme. Please scroll down to check out the basic eligibility criteria. 
  • Applicants need to submit certain required documents for Resolution Framework 2.0 Please scroll down to check the list of documents. 
  • If your request gets accepted and all verification checks are successful, SMFG India Credit may restructure your loan. Through this scheme, one of the following may happen based on your income streams:
    • Your monthly EMI may be reduced
    • You may be given a loan moratorium for a few months 

Who is Eligible for Resolution Framework 2.0?

Here are some of the basic Resolution framework 2.0 eligibility criteria

For Individuals

For MSMEs, self employed borrowers & small businesses

Borrowers classified as “Standard” as on Mar 31, 2021 and are not more than 89 days overdue from the date of invocation.

Borrowers whose account may be in default but classified as “Standard Asset” as on Mar 31, 2021 and are not more than 89 days overdue from the date of invocation.

Cash salary applicants will not be considered.

Aggregate exposure from all lenders must not exceed INR 50 crores as on Mar 31, 2021

Loans previously restructured such that the overall tenure extension was less than 24 months

Loan accounts that were not restructured previously


Borrowers who are not exempted from GST registration must be registered for the same on the Udyam portal by the date of invocation of the resolution

Borrowers who have faced a loss of income due to salary cuts / job loss as a result of the pandemic.

Borrowers who are facing loss of income due as a result of the pandemic.

Please click here to view our detailed policy.

Who is excluded from Resolution Framework 2.0?

Here is a basic list of those who cannot apply for the Resolution Framework 2.0 scheme. For more details, please view the policy document.

  • Loans provided to SMFG India Credit’s own personnel /staff 
  • Securitized or Assigned accounts 
  • Accounts on–boarded under ECLGS 
  • Accounts reported as fraud, wilful defaulters, malfeasance, etc. 
  • Accounts under Legal proceedings for or against repossession or already sold
  • Loan accounts for which there is no principal amount outstanding, but only a few charges.
  • Loans for have less than or equal to a 6 EMIs left from the time of restructuring application (for Gramshakti Group Loans and for instant loans availed online through the website or through the SMFG India Credit Instaloan app in the last 18 months, this period is 3 months).

Documents required to apply for Resolution Framework 2.0

Here is the basic documentation to apply for loan restructuring under Resolution Framework 2.0

Type of Document

For Salaried Individuals

Self-employed Individuals, Small Businesses and MSMEs

Income Proof

Last 3 months Salary slips and bank statements before and after Mar 31, 2021

Last 12 months bank account statements, latest financial statements, updated GST returns (as applicable).

KYC documents

In case of any change in details since the last time of KYC document submission

In case of any change in details since the last time of KYC document submission


Application and acceptance of Restructuring and revised terms & conditions

Application and acceptance of Restructuring and revised terms & conditions

Udyam Registration

Not applicable

Before the date of invocation for MSMEs

GST certificate

Not applicable

For MSME borrowers: Mandatory except for those exempted from GST registration

These will have to be submitted at your nearest branch, so that we can further process your request for Resolution Framework 2.0. Please note that 

  • You will have to provide documents for each and every loan that you need to be restructured
  • In case of multiple applicants / co-applicants, documents for each person will have to be submitted
  • In the case of secured loans, documents related to additional collateral may also be required depending on the loan amount.
  • The above is just a basic list. Depending on your requirement, product and SMFG India Credit’s policy, additional documents may also be requested.

Your request will get processed only if all the requisite documents are submitted and are verified as per our policy. To know more, check our detailed policy here for more information.

To know the details of the earlier scheme announced in 2020, please click here


What is the loan restructuring 2.0 by RBI? What is the purpose of this resolution framework?

The unexpected second wave of the COVID-19 pandemic has impacted certain segments of borrowers across the country. To provide relied to such borrowers, the RBI had announced a second loan restructuring scheme under its Resolution Framework 2.0 in May, 2021.

Based on this framework and its regulatory guidelines, SMFG India Credit has framed a policy for Resolution Framework 2.0 which may be availed by customers impacted by the second wave of the pandemic.

Who can apply for loan restructuring?

Only applications from those borrowers who satisfy the required eligibility criteria and who do not come under the exclusion list as per SMFG India Credit’s policy for Resolution Framework 2.0 will be considered. For more details, please scroll up to the sections “Who is Eligible for Resolution Framework 2.0” and “Who is excluded from Resolution Framework 2.0” or check the detailed policy.

How to apply for loan restructuring 2.0?

If you are a SMFG India Credit customer and wish to apply for the Resolution Framework 2.0, please click here. For detailed steps on the process of loan restructuring 2.0, please scroll up and refer to the section “What is the process to get my loan resolved”

I had opted for the OTR scheme in 2020. Can I apply for loan restructuring again?

MSMEs whose loans had been restructured previously will not be eligible for Resolution Framework 2.0. However, accounts of individuals and small businesses (not MSMEs) who satisfy all other eligibility criteria can apply for Resolution Framework 2.0 even if their loans had been restructured as a part of the OTR scheme last year.

Please note that the tenure extension as a result of the OTR scheme in 2020 as well as Restructuring under Resolution Framework 2.0 cannot exceed 2 years. To understand this better, please use our loan restructuring calculator above.

Should I opt for loan restructuring?

If you can pay off your monthly EMIs by finding new sources of income or by managing your expenses, we would strongly advise you to do so, and not opt for the scheme needlessly.

This is because loan restructuring has the following effects:

  • Increase in overall interest payable, thereby making your loan more expensive
  • Increase in the overall loan tenure

How will the loan restructuring scheme affect my loan?

If your Resolution Framework 2.0 request gets accepted, one or more of the following may happen:

  • Your monthly EMI amount may be reduced and tenor will be increased to accommodate the EMI reduction, thereby reducing monthly repayment commitment.
  • You may be provided a moratorium facility for a few months


  • Your overall tenure will increase, during which the remainder of your loan can be paid off. However, please note that the extension of the residual tenor of the loan, with or without payment moratorium, cannot extend 2 years. This includes the extension obtained through previous restructuring (as applicable).
  • Your total interest payable over the tenure of the loan will increase.

Will my loan be restructured automatically if I don’t pay my EMIs?

No. If you don’t apply for this scheme, or if your application gets rejected, you will be expected to pay your EMIs as per the current schedule. Any delay or failure to do so will be considered as a delay/ default and attract penalty/ bounce charges.

At the moment my income has not been impacted, but it may happen in the future. Can I apply for loan restructuring?

You can apply for loan restructuring. However, we will assess your application based on the criteria mentioned above as well as other factors such as credit worthiness etc. and then let you know if your loan restructuring request meets the requirement of SMFG India Credit’s Policy.

Which products of SMFG India Credit are eligible for loan restructuring?

The following products of SMFG India Credit are eligible for this scheme:

  • Loan Against Property
  • Personal Loans
  • Two Wheeler Loans
  • Commercial Vehicle Loans
  • Business Loans
  • MSME Loans / Secured Business Loans

*Products will be considered for restructuring as per the framework and guidelines provided by the RBI for this scheme.

What are the documents required for loan restructuring?

Here is the list of documentation for loan restructuring:

For salaried borrowers:

  • Salary slips and bank statements before and after Mar 31, 2021
  • KYC documents (only in case of any change since the last time KYC documents were submitted)
  • In case of co-applicants, documentation for all parties will be requested

For self-employed borrowers/ entities / MSMEs:

  • Bank statements of the past 12 months
  • Updated GST returns (if applicable)
  • Last 2 years financial / income statements.
  • KYC documents (only in case of any change since the last time KYC documents were submitted)
  • GST certificate as applicable
  • Udyam certificate (mandatory for MSME borrowers)
  • In case of multiple applicants / entities, documentation of all concerned parties will be required.

In case of secured loans, depending on the loan amount at the time of restructuring, if any addition collateral is required, then documentation pertaining to the same will also be requested.

Please note that this list is indicative, and depending on various other factors, additional documentation may also be requested.

What will be the effect of loan restructuring on my credit history?

As per regulatory guidelines, your loan/credit facility will be reported to the credit bureau as “Restructured”.

I have multiple loans with SMFG India Credit. Should I apply for loan restructuring only once or do I have to apply separately for each and every loan?

If you have multiple loans, you will need to raise a request for each loan you need to be restructured separately.

I am self-employed / am an MSME entity having my small enterprise. Am I eligible for loan restructuring?

Self-employed individuals/entities falling under the MSME category as per the revised MSME classification announced by Government of India, can apply for the loan restructuring scheme if the total exposure, including non-fund based facilities, of banks and NBFCs does not exceed Rs. 50 crore as on March 31, 2021 AND Had not restructured their loans previously. Additionally, MSMEs will also need to satisfy the other eligibility criteria for Resolution Framework 2.0

Please contact your nearest SMFG India Credit branch or your relationship manager for more details. SMFG India Credit also advises our self-employed customers to kindly register themselves as MSME through the Udyam portal of the Government at the earliest.

How can I get a loan moratorium? Does the RBI’s new scheme provide loan moratorium 3.0?

Please note that Resolution Framework 2.0 is not the same as the moratorium facility that was provided by the RBI between Mar – Aug, 2020. Under the current scheme, accounts of eligible borrowers (depending on successful evaluation of their documents, other regulatory conditions and SMFG India Credit’s policy) may be restructured. As a part of the scheme, a few such borrowers may be provided a loan moratorium. However, this will depend on SMFG India Credit’s assessment of the applicant’s current loan terms, eligibility, income, etc.

Thus, you may apply for the Resolution Framework 2.0 scheme if your income has been impacted due to the 2nd wave of the pandemic. As per the regulatory guidelines, SMFG India Credit will evaluate the same and can accept or reject the application within 30 days of receiving your request. Until then, borrowers are expected to continue paying their EMIs as per current schedule.

Next, if your request gets accepted, SMFG India Credit will assess how your loan may be restructured and implement the same within 90 days from date of Invocation. As per the new terms, you may receive a moratorium facility, or your EMI may be reduced.

My loan was taken along with a co-borrower/s. Will all the co-borrowers of the original Loan agreement be required to sign the revised restructuring agreement?

As per regulatory and legal requirements, all borrowers/co-borrowers of the original loan need to agree and sign on any changes in the loan structure including the restructuring agreement.

What is the last date to apply for the loan restructuring scheme?

The last date for invocation of Resolution Framework 2.0 is September 30, 2021. Thus, you are advised to submit your applications well in advance.

Will there be any processing fees or charges if I restructure my loan?

SMFG India Credit may levy a fee if you choose to get your loan restructured.

If I apply for loan restructuring, will I still have to pay any monthly EMI?

Even if you submit loan restructuring application, until the same gets accepted, you are expected to pay your monthly EMIs as per the current schedule. Once your loan restructuring request is accepted, you can then follow the revised schedule. Please note that the EMIs as per current repayment schedule should be paid on time as accounts will continue to be classified as Standard till the date of invocation of resolution under this framework.

Please note that if your loan restructuring request is rejected, you will still be expected to pay your EMIs as per the existing schedule. Any delay / default will attract additional interest and will impact your credit score.

What will happen if I pay my EMIs now and don’t opt for restructuring? Can I take this facility later?

If you can pay your EMIs now, SMFG India Credit  welcomes you to do so. However, if you are facing financial stress due to the pandemic, and would like to avail relief under this scheme, you may apply for this scheme. Please remember that the last date for invocation is Sep 30, 2021 – so please ensure that you submit your application well in advance. Also, your application will be accepted only if it meets the norms mentioned above and your application as well as supporting document should clear all verification checks.

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