COVID-19 EMI DEFERMENT

NOTICE: COVID-19 RELIEF MEASURES

In terms of RBI COVID 19 regulatory package dated 27.03.2020, SBI had initiated steps to defer the instalments and interest/EMIs on Term Loans falling due from 01.03.2020 to 31.05.2020. Further, following RBI’s directives dated 23.05.2020 extending the moratorium for another 3 months falling due from 01.06.2020 to 31.08.2020 on payments of all instalments in respect of term loans, the moratorium period of all eligible Term Loan account is being extended by the bank for further 3 months. Accordingly, the total moratorium period in all eligible term loan account will be extended by 6 months.

The bank is also proactively reaching out to all of its eligible loan customers to obtain their consent to stop their Standing Instructions (SI) /NACH mandate for the EMIs falling due from 01.06.2020 to 31.08.2020. For this, the bank has simplified the process of stopping the EMIs by initiating a SMS communication to all eligible customers to stop EMIs. The process of giving the consent will be as under

Options for Customer:

*You may not receive the SMS in case your mobile number is different from the number registered with the bank. In such cases you may please contact your branch and submit your request as per Annexure -I

Impact of Deferment: To enable you to take an informed decision, we furnish hereunder the impact of deferment:

Interest shall continue to accrue on the outstanding portion of the Term Loan during the moratorium period. The possible impact of the extension of the repayment period has been explained below:

Impact in case of Auto Loan –

Impact in case of Home Loan –

Formats: