SBI extends term loan EMI moratorium by 3 months as coronavirus 'respite''

State Bank of India will extend by three months the moratorium on term loan EMIs without waiting for customers request, said the lender in a statement on Wednesday.
 

The state-owner lender said it had contacted loan customers to obtain their consent to stop their Standing Instructions (SIs)/ National Automated Clearing House (NACH) mandate for the EMIs falling due in June, July, and August 2020. Customers who want to defer their EMIs can give their assent by responding to phone text message sent by the Bank within five days.

"The extension of moratorium and deferment of EMIs would give some respite to the borrowers amid COVID-19 outbreak,” said the bank, referring to the coronavirus diease.
 

The Reserve Bank of India (RBI) on May 22 extended the loan moratorium period by another three months until August 31. In March, the central bank had provided a moratorium on all term loans due between March 1 and May 31, 2020.