Coronavirus: SBI extends term loan EMI moratorium by 3 months, simplifies EMI deferment process
The extension of moratorium and deferment of EMIs would give some respite to the borrowers amid coronavirus outbreak, says SBI
- May 27, 2020,
- Updated May 27, 2020 9:10 PM IST
In a much needed respite to borrowers hit by coronavirus crisis, State Bank of India, the country's largest lender, has extended the moratorium on term loan EMIs by another three months, in line with Reserve Bank of India's (RBI) recent announcement.
"SBI has decided to extend the moratorium by another 3 months in loan accounts of all eligible customers without waiting for their request," the public sector lender said in a press release on Wednesday.
On May 22, the RBI Governor Shaktikanta Das had announced extension of the moratorium on payment of loans by another three months untill August 31, on account of an extended lockdown. Earlier in March, the RBI had provided a moratorium on all term loans for three months till May 31, 2020.
Adding to it, the lender has also simplified the process through which its customers can opt to defer the EMIs. It has started a SMS communication to nearly 85 lakh eligible borrowers asking about their consent to stop EMIs. "The borrowers have to reply with a YES to a designated virtual mobile number (VMN) mentioned in the SMS sent by the Bank within 5 days of receiving the SMS, if they wish to defer the EMIs," SBI said.
In a much needed respite to borrowers hit by coronavirus crisis, State Bank of India, the country's largest lender, has extended the moratorium on term loan EMIs by another three months, in line with Reserve Bank of India's (RBI) recent announcement.
"SBI has decided to extend the moratorium by another 3 months in loan accounts of all eligible customers without waiting for their request," the public sector lender said in a press release on Wednesday.
On May 22, the RBI Governor Shaktikanta Das had announced extension of the moratorium on payment of loans by another three months untill August 31, on account of an extended lockdown. Earlier in March, the RBI had provided a moratorium on all term loans for three months till May 31, 2020.
Adding to it, the lender has also simplified the process through which its customers can opt to defer the EMIs. It has started a SMS communication to nearly 85 lakh eligible borrowers asking about their consent to stop EMIs. "The borrowers have to reply with a YES to a designated virtual mobile number (VMN) mentioned in the SMS sent by the Bank within 5 days of receiving the SMS, if they wish to defer the EMIs," SBI said.