State Bank of India (SBI) COVID19 Moratorium FAQs

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          State Bank of India has updated all the RBI COVID 19 regulatory package details under a separate module on its website.

The module outlines the complete process to gain the moratorium benefits and the various options available to its customers.

State Bank of India has initiated steps to defer the instalments and interest/EMIs on Term Loans falling due between 01.03.2020 to 31.05.2020.

Accordingly, the total repayment period will be extended by 3 months over the original repayment period.

SBI Customers have 3 options:

Option 01) Customer who do not want to defer recovery of instalments /EMI

Option 02) Customer who wants to defer recovery of instalments/EMI

Option 03) Customers who want refund of the instalment/EMI already paid

Through two examples outlined in the module, SBI’s customers may able to get a feel of the impact of the deferment.

The module has 4 formats to assist SBI customers to take an informed decision.

Annexure - I         Deferment of Recovery of Instalment/EMI through NACH/SI.

Annexure - II        List of State/UT specific Email ID

Annexure III contains the FAQs for SBI Customers.

Annexure - IV       IBA - FAQs COVID-19 Relief Measures

Customers have to inform their decision to the respective circle email id of the state in which their base branch is located.

This will enable respective SBI Circle Offices to process customer’s options further.

 In all, there are 27 FAQs covering almost all the possible scenarios

1. I want to avail the deferment but my EMI for March has already been debited. How will I get the EMI refunded?

2. My EMIs are debited automatically through NACH/ ECS/ Standing Instructions. How do I avail the deferment facility as announced the government?

3. I pay my installments manually. Do I have to apply separately for deferment/postponement of my installments?

4. I want to continue paying my EMIs without availing the deferment. What is the process to Opt-Out?

5. Is deferment of EMIs applicable to Car Loan/ Education Loan/ Personal Loan as well?

6. Are the EMIs going to be waived?

7. Is the interest for the 3 months of moratorium waived?

8. The proposed deferment of EMI for three months as announced by RBI are applicable to all loan accounts?

9. If I have more than one loan accounts, will all loan accounts be eligible to avail the relief?

10. What is meant by Moratorium?

11. Whether Bank will stop recovery of EMIs/ Instalments automatically/ on its own?

12. How I can approach the Bank and apply for deferment?

13. Whether it is compulsory to apply for deferment in repayment of EMI(s)?

14. Will deferment of EMI result in any adverse remark in my CIC report or will it impact my Credit Score?

15. Will my loan account turn NPA if I avail the benefit of deferment of three EMIs?


16. During the period of deferment of three EMIs, whether interest will be accrued to my loan account?

17. What are the charges for taking the benefit of deferment of three EMIs?

18. Whether I need to pay entire pending EMIs in a single instance after 3 months of deferment, if opted by me?

19. Will deferment of EMI result in increase of my future EMI amount?

20. Will all these measures of RBI be treated as restructuring?

21. If I do not wish to request for refund of EMI which is already paid, how it will be treated?

22.  In case my account has sufficient balance and I do not avail deferment of 3 EMIs,whether my Standing Instructions with respect to loan account will be effected?

23. If my loan account is under moratorium and repayment start date is between 1st March’20 & 31st May 2020, can I avail the benefit of deferment of EMIs?

24. If my loan account is under moratorium and repayment start date is after 31st May 2020, can the moratorium/ tenure be extended by 3 months?

25. I am paying my EMIs from Salary/ Savings Bank Account with another Bank. How should I avail the benefit of deferment of 3 EMIs?

26. Can I opt for deferment of EMI in one month and then pay EMI in another month?

27. What happens if the extended tenor of term loan goes beyond the maximum period stipulated for a period or as stipulated in the loan agreement?

Remember, OTP is NOT necessary in this whole process. So, if you receive any call or message to share an OTP for SBI Loans Mortarium, get alerted.

SBI is also running campaigns on Twitter, Linkedin and Facebook about the SBI Mortarium process.

Eg: https://twitter.com/TheOfficialSBI/status/1248169160095330305/photo/1

https://www.linkedin.com/company/state-bank-of-india/

https://www.facebook.com/StateBankOfIndia/photos/a.513178328732970/3208362232547886/?type=3&theater

Few YouTube stars have also uploaded videos on the step-to-step process for SBI Mortarium.

Do take an informed decision.


Comments

  1. BrandsOnlySeptember 27, 2022 at 12:17 AM

    You can get a loan for a Health Care procedure by doing some research and finding a good lender. There are many options out there, so make sure to shop around for the best rate.

    ReplyDelete

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