The Reserve Bank of India has recently announced a 3-month debt moratorium due to the Coronavirus pandemic. It has been confirmed that SBI has enabled its customers to avail of this offer. Customers can choose to defer the payments for 3 months, but the interest will still be cumulated.
This 3-month moratorium is applicable to the car, home, personal, and other types of loans. Along with this, customers who took working capital facilities such as an overdraft or cash credit can apply for this moratorium.
A temporary suspension or postponement of loan payments is called Debt moratorium. After applying for this moratorium, all the payments during this period will be postponed. This moratorium will be from March 1 to May 31, 2020, according to the guidelines of RBI.
While the payments will be canceled, the interest will still be added to the payments. Hence, only take a moratorium if it is very necessary.
For the customers who do not wish to take the moratorium, the payments will happen as usual. But for whoever wants to the moratorium, follow these steps.
- Visit https://www.sbi.co.in/stopemi to download the Annexure-1 form. or download directly from here
- Fill the form and send it as an email to the address mentioned in the Annexure-II
- A handwritten letter can be sent you to your home branch in the same format if you have given standing instructions to SBI for payments or EMIs