Bhubaneswar: As per RBI instruction, PSU banks including SBI have announced a 3-month moratorium on all types of term loans. This step by banks will enable borrowers to defer their EMIs for 3 months.
The facility will be applicable for all Term Loans in all the Segments, irrespective of the Segment and the tenor of the Term Loans.
SBI customers can avail this facility in the following way.
Customer who wants to defer recovery of instalments/EMI –
- NACH – Where collections of such instalment / EMI is effected through National Automated Clearing House (NACH), please submit an Application (Annex-I) along with mandate for NACH Extension-(Annexure-II) to stop NACH for these instalments through an e-mail to the specified email ID(Annexure-III).
- Standing Instructions (SI) – Please submit an Application (Annexure-I) through an email to the specified email ID.(Annexure-III).
However, the customers who do not want to defer recovery of instalments/EMI they do not have to do anything and they may continue to pay in usual course.