SBI Announces Extension of COVID 19 EMI Moratorium Till Aug 31, 2020

SBI Announces Extension of COVID 19 EMI Moratorium Till Aug 31, 2020

Following Reserve Bank of India’s latest guidelines on extending EMI Moratorium relief to customers, State Bank of India on Wednesday announced that all the eligible SBI customers will be automatically offered the benefit of moratorium extension for another three months till August 31, 2020.

The SBI has said that it will not wait for consent to forward the repayment relief to customers facing financial crunch amidst ongoing spread of COVID19 pandemic and lockdown in the country. Thus, if you have opted for Moratorium you can directly avail of the EMI deferment benefits.

However in case you want to opt out of the Moratorium, kindly share your concerns by replying to bank’s communication through SMS or Email.

The SBI has shared SMS to its customers seeking their consent to stop standing instructions for EMIs due in June, July and August 2020.

In a press release the SBI has said: “The bank has simplified the process of stopping the EMIs by initiating a short message service (SMS) communication to nearly 8.5 million eligible borrowers asking about their consent to stop EMIs.”

All those who want to opt for Moratorium needs to reply with a yes to a designated virtual mobile number (VMN) mentioned in the SMS sent by the bank within five days of receiving the SMS said the bank’s official statement.

The state bank of India has also released detailed Process of Opting for SBI Moratorium.

On May 22, SBI Chairman Rajnish Kumar had said that about 20% of SBI borrowers have availed of the moratorium facility.

 

Also Read: HDFC Bank Step up EMI Repayment Option

 

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