SBI EMI Moratorium: Know how to avail this facility in just 3 steps
Wondering how to avail the EMI deferment facility being provided by the State Bank of India (SBI) in cases where automatic debits from your accounts has been happening so far? Follow these 3 steps to do it
SBI EMI Moratorium: Wondering how to avail the EMI deferment facility being provided by the State Bank of India (SBI) in cases where automatic debits from your accounts has been happening so far? No action is required on the part of customers in case EMI payment is done manually. The bank has given a 3-month moratorium on all term loans.
Here is how this benefit can be availed by those people who have agreed to an automatic debit from their SBI accounts via NACH/ECS:
NACH or National Automated Clearing House is a centralised web-based payment solution which allows banks and other financial institutions to accept payments in large volume without interference or barriers of the third party. Meanwhile, ECS or Electronic Clearing Service is an electronic payment from one bank account to another bank account. It is usually used for transactions that are repetitive or periodic in nature.
The person who wishes to avail this facility is required to apply via email to the bank. The contents of the application and the email id could be found by visiting the link - https://bank.sbi/stopemi.
The application for EMI moratorium should be in the prescribed format as mentioned in Annexure-I.
You can find the email id details in Annexure-II.
If you are unable to send through e-mail, handwritten application can also be submitted in the same format to the home branch.
Effecting deferment of EMI/NACH/Refund may take approximately 7 working days.
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Impact of Deferment: Interest shall continue to accrue on the outstanding portion of the Term Loan during the moratorium period.
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