SBI Moratorium for June/ July and August 2020 online process is changed, Reply (Where 1234 is the last 4 digits of their loan A/c no) within 5 days from the receipt of SMS to avail the moratorium.
SBI Moratorium Extension June, July and August 2020 | RBI New Moratorium Policy | SBI STOP EMI Loan | Interest Rates Calculator Loan SBI STOP EMI Email ID Interest Charges for Credit Card and Loan Deferred Payment (6 Months) State Bank Online EMI Debit Deferment Application Form/ Handwritten Instalment/EMI through NACH/ SI.
Extension in the Loan EMI Moratorium till 31 August 2020 (New Guidelines) and Notification is issued by RBI so that Loan Borrower can Opt-In Loan Deferment. State Bank is the largest bank in India. After the outbreak of Coronavirus (COVID-19) disease in India. PM Narendra Modi announced a complete Lockdown in India. So, people are at home. In such a case, Reserve Bank of India has taken a step to give relief to the customers who have to pay regular EMI/ Installment and Dues for their Loans/ Credit Card and other.
The RBI Moratorium for 3 months has started from 1 March 2020 to 31 May 2020. But now, the extension will make Loan Moratorium Period of 6 Months. All Banks (Public, Private, Sahkari, Gramin Bank) has to give 3 months of delay (increase the EMI period) for the customer who is not able to pay Loans.
SBI Loan EMI Extension (till 31 August 2020)
On 22 May 2020, RBI has announced Extension on Moratorium. Due to the COVID-19 Lockdown, an extension of Loan Defer Payment is 31 August 2020 (June/ July and August) EMI can be delayed.
|Start of Moratorium (Phase-I)||1 March to 31 May 2020|
|Extension of Moratorium||1 June to 31 August 2020 (New Dates)|
Note: If you opt for the Loan Defer, then your CIBIL Score or Charges (late payment/ no loan EMI) payment. But the Interest Charges is applicable for the Principal Amount and Loan Period will be extended for 6 Months (if your take loan Deferenemt for 6 months)
What do you need to do to avail Extension in Loan EMI Deferment?
Answer: If you have already opted for the Loan Deferment (till 31 May 2020) and you need to extend till 31 August 2020, then you don’t need to do anything. But In case, you have not opted for Moratorium and want to apply for the Moratorium in June/ July or August 2020 – then you have to submit the STOP EMI Form and Email to the concerned Authority (Email List is available)
|sms for customers who had availed deferment of Instalments/EMIs of TL falling due from 01.03.2020 to 31.05.2020 being recovered through their accounts with SBI by way of Standing Instructions (SI)||SMS for customers who had not availed deferment of Instalments/EMIs of TL falling due from 01.03.2020 to 31.05.2020 being recovered through their accounts with SBI by way of Standing Instructions (SI)|
|‘Due to Covid 19 your standing instructions for EMI to loan account no ****1234 have been deferred till 31.05.2020. If you wish to extend it till 31.08.2020 please send YES to <VMN> by <5 days>. But interest liability will increase. Do not share your OTP with anyone as BANK never asks for it.||‘Due to Covid 19 if you wish to defer standing instructions for EMI of your loan account no ****1234 for the months of June-Aug 2020, please send YES to <VMN> by <5 days>. But interest liability will increase. Do not share your OTP with anyone as BANK never asks for it|
- SMS for customer to avail deferment of Instalments/EMIs of TL and being recovered through their accounts with other banks by way of NACH mandate falling due from 01.06.2020 to 31.08.2020_______________________________
- ‘Due to COVID19 if you wish to defer NACH for EMI of your loan account no. *****1234 for the month of June -Aug 2020, please send ‘STOP1234’ to <VMN> by 5days. But interest liability will increase. Do not share your OTP with anyone as BANK never asks for it.
SBI Loan EMI of May Month (Status)
Check the status of Loan EMI is Defer or Not using the SBI Yono App. As per RBI Guidelines, SBI has given 3 months Moratorium (extended till 31 August 2020) on Credit Card and Loan EMI.
Most of the borrower complaint regarding the Refund of May/ June/ July/ August EMI. The State Bank of India has asked to send Annexure-I concerned SBI Regional Officers. (YOu all may have done that). If not. Please visit at https://sbi.co.in/stopemi and follow instructions.
Is Loan EMI Moratorium Active? You need to check it via the SBI Yono App. (Good day.)
COVID-19 SBI Emergency Loan (26 April 2020 – News)
The State Bank of India is now lending Personal Loan “Emergency” for Coronavirus Lockdown
Free 6 Months EMI (NO EMI for 6 Months)
Interest Charges: 7.25% only. (Best)
Refund of SBI Loan EMI – Complete Process
Now, the process to avail the State Bank of India is very simple. We are providing a complete process here. Before applying for 3 months EMI Deferment or Refund of EMI Paid has to check the FAQ (Benefits or Drawback) in future Loans/ CIBIL Score or the interest to be paid in the upcoming EMI’s.
COVID-19 SBI Loan EMI, Credit Card Due
The Moratorium is also applicable to the Credit Card Holders. People having the SBI Credit Card, they can opt for Late Payment/ Extension in Credit Card Payment.
Note: The Loan Moratorium should not be treated as Waived off Loan EMI or Credit Card Bills. It just gives you an extension in payment period time without charges.
The relief is available for Credit Card payments also.
SBI Credit Card Due Moratorium Interest Charges
You can also opt for SBI Credit Card Dues Delay Payment as per RBI Moratorium of 6 Months. But there will be interest charges of 3.35% per month on outstanding dues.
Check Here >>> SBI Credit Card Moratorium with Interest Charges Example
Action to be Taken by SBI Customer
- Customer who do not want to avail the 3 Months Moratorium (Installment/ EMI) defer/
Answer: You don’t have to take any action. EMI will be paid from your account as usual (on date).
- Customers who want to avail the benefit of RBI Moratorium.
Answer: (A) for ONLINE EMI Debit (NACH): Where collections of such installment / EMI is effected through the National Automated Clearing House (NACH), please submit an Application (Annexure-I) through an e-mail to the specified email ID (Annexure-II).
Standing Instructions (SI) – Please submit an Application (Annexure-I) through an email* to the specified email ID (Annexure-II).
- Refund of Paid EMI (1 March 2020 to till date)
Answer: Please submit an Application (Annexure-I) through an email* to the specified mail ID (Annexure-II)
Important Date/ Time to take action
You have to apply for the 3 Months Moratorium 7 days before the actual debit of the EMI/ Installation date. I.e. If your loan due date os 12 April 2020, then you have to submit a form/ prescribed application and send it to the concerned authority (state-wise) 7 days before ie. by 5 April 2020.
The moratorium of three months on payment of all term loan installments falling due between 1 March 2020, and 31 May 2020 for all term loans. Installments include all principal and interest payments, bullet repayments, EMIs, and credit card dues falling due between these dates.
Impact on Interest Rates (SBI Loan Account)
In case, you are applying for the 3 Months Moratorium benefits. Below is the example of the interest amount that you need to pay in June 2020 EMI.
You have a home loan of Rs. 50 lakh at 8.5% interest for 10 years. The EMI is Rs. 62,000
You have to pay the first installment in April, but you choose to take the moratorium. This means the principal of Rs. 50 lakh attracts interest at 8.5%/12 = Rs. 35,000. So your loan amount at the end of
April is Rs. 50,35,000.
You don’t pay in May. Interest applies on the FULL amount of 50.35 lakh now, so it’s a little closer to
Rs. 36,000 in May. The total outstanding becomes Rs. 50.71 lakh. After three months, your new
principal is Rs. 51.07 lakh.
Effectively you’ll have about Rs. 1 lakh in extra interest to be paid to the bank.
The loan stretches three more months at the end, but this Rs. 1.07 lakh extra is additional so either
you have to increase the EMI, or request for a reduction in ROI.
It is therefore advisable to restrict the selection of moratorium option only in the scenario of cash flow
The calculations illustrated below is only considering that the Customer has made one purchase worth Rs. 10000 on 12th Feb’20.
|Date||Details||Scenario 1: 100% payment||Scenario 2: 50% payment||Scenario 3: 10% payment||Moratorium: 0% payment|
|12-Apr-20||Outstanding from previous statement||0||5,000||9,000||10,000|
|Interest charged @3.5% + GST (from 12th Feb)||0||413||743||826|
|12-May-20||Outstanding from the previous statement||0||2,707||8,769||10,826|
|Interest charged @3.5% + GST||0||112||362||447|
|12-Jun-20||Outstanding from the previous statement||0||1,409||8,218||11,273|
|Interest charged @3.5% + GST||0||58||339||466|
|Total interest charged during the moratorium||0||583||1,445||1,739|
Extension SBI 3 Month STOP EMI Application Form Format
APPLICATION FORM FOR Deferment of Recovery of Instalment/EMI through NACH/ SI
Branch/ Chief Manager, State Bank of India,
HOME LOAN / CAR LOAN / X PRESS CREDIT / EDUCATION LOAN / PENSION
LOAN / OTHER LOAN____________
Loan Account No :
In the Name of___________________________________
EMI THROUGH NACH*
EMI THROUGH SI (STANDING INSTRUCTION)
In view of the prevailing COVID-19 situation, as per RBI instructions on allowing 3 months’ moratorium in payment of EMIs, I / We wish to defer recovery of installment/ EMI in my/ our above Term Loan account from 01.06.2020 to 31.08.2020.
I/ we understand that:
- The repayment duration of my loan will get extended by the above period of deferment.
- Interest will continue to accrue to my loan account during the period of deferment and this could result in an increase in the amount/number of my EMIs.
- I also authorize you to recover the deferred installments/ EMIs in the future through NACH/SI.
In case of NACH Name of the Bank & Branch:
Signature of 1st Borrower Signature of 2nd Borrower
Mobile no.- Mobile no.-
(*) Instalment / EMI being paid through an account with other Bank
Email Address -SBI 3 Month STOP EMI
After filling the application form, you have to send it to the email ID (State Wise) for the S.B.I 3 Months Moratorium benefits.
Also, can visit the home branch with a handwritten application form
|Sl No||Branches situated in States/ UTs||Circle Name||Email ID|
|1||Gujrat, Daman & Diu, Dadar & Nagar Haveli||Ahmedabadfirstname.lastname@example.org|
|4||Madhya Pradesh, Chhattisgarh||Bhopalemail@example.com|
|9||West Bengal, Port Blair||Kolkatafirstname.lastname@example.org|
|10||Uttar Pradesh (Eastern Part)||Lucknowemail@example.com|
|11||Maharashtra (other than Mumbai Metro and distt. Pen), Goa,||Maharashtrafirstname.lastname@example.org|
|12||Mumbai Metro, Distt. Pen||Mumbai Metroemail@example.com|
|15||Assam, Meghalaya, Mizoram, Manipur, Nagaland, Tripura, Arunachal Pradesh||Guwahatifirstname.lastname@example.org|
|16||Punjab, Himachal Pradesh, J&K, Ladakh, Haryana ,Chandigarh(except districts Gurugram, Sonipat, Faridabad and Palval)||Chandigarhemail@example.com|
|17||Delhi, Uttarakhand, Western Uttar Pradesh, part of Haryana (Districts- Gurugram, Sonipat, Faridabad and Palval)||Delhifirstname.lastname@example.org|
|Annexure – I||Application Form for deferment of Recovery of instalment /EMI through NACH/SI|
|Annexure-II||Text Of SMS|
|Annexure-III||FAQs for SBI Customers|
|SBI Loan EMI Refund/ Credit Card||Customer Care/ Complaint Online|
|SBI Fraud/ Cyber Cell||Check Here|
|RBI Grievance Cell Loan, EMI Refund Complaint||Complete Details|