SBI STOP EMI Extension (June/ July/ August) Credit Card Dues (STOP EMI Email ID and Application Form)

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 extesion will make Loan Moratorum Priiod 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.

Loan Moratorium Period
Start of Moratorium (Phase-I)1 March to 31 May 2020
Extension of Moratorium1 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)

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.)

STOP Loan EMI Register Complaint

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)

sbi aapat loan corona virus lockdown

COMPLETE DETAILS

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.

Also Read >>> Axis Bank 3 Months EMI (Loan/ Credit Card)
Also Read>>>> Kotak Bank Loan 

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

  1. 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).
  2. 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).
  3. 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
(approximately).

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
issues

The calculations illustrated below is only considering that the Customer has made one purchase worth Rs. 10000 on 12th Feb’20.

DateDetailsScenario 1: 100% paymentScenario 2: 50% paymentScenario 3: 10% paymentMoratorium: 0% payment
12-Mar-20Outstanding10,00010,00010,00010,000
02-Apr-20Payment made10,0005,0001,0000
12-Apr-20Outstanding from previous statement05,0009,00010,000
Interest charged @3.5% + GST (from 12th Feb)0413743826
Total outstanding05,4139,74310,826
02-May-20Payment made02,7079740
12-May-20Outstanding from the previous statement02,7078,76910,826
Interest charged @3.5% + GST0112362447
Total outstanding02,8189,13111,273
02-Jun-20Payment made01,4099130
12-Jun-20Outstanding from the previous statement01,4098,21811,273
Interest charged @3.5% + GST058339466
Total outstanding01,4678,55811,739
Total interest charged during the moratorium05831,4451,739

Note:

Extension SBI 3 Month STOP EMI Application Form Format

Annexure-I

Application Form

Deferment of Recovery of Instalment/EMI through NACH/SI
State Bank of India,
Circle

Dear Sir,

MY/OUR TERM LOAN A/C NO.__________________________________  At…………………………………… Branch-

Deferment of Recovery of Instalment/EMIs

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 an installment in my/our above Term Loan account till 31.05.2020.

I/we understand that:

  1. The repayment duration of my loan will get extended by the above period of deferment.
  2. 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.
  3. I also authorize you to recover the deferred installments/ EMIs in the future through NACH along with the interest in as many EMIs as may be required.
  4. Please refund the number of Installments already recovered for the month of (March/April/May 2020)

Yours faithfully

Signature of 1st Borrower        Signature of 2nd Borrower

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 NoBranches situated in States/ UTsCircle NameEmail ID
1Gujrat, Daman & Diu, Dadar & Nagar HaveliAhmedabad[email protected]
2Andhra PradeshAmaravati[email protected]
3KarnatakaBengaluru[email protected]
4Madhya Pradesh, ChhattisgarhBhopal[email protected]
5OrissaBhubaneswar[email protected]
6Tamilnadu, PudducheryChennai[email protected]
7TelanganaHyderabad[email protected]
8RajasthanJaipur[email protected]
9West Bengal, Port BlairKolkata[email protected]
10Uttar Pradesh (Eastern Part)Lucknow[email protected]
11Maharashtra (other than Mumbai Metro and distt. Pen), Goa,Maharashtra[email protected]
12Mumbai Metro, Distt. PenMumbai Metro[email protected]
13Bihar, JharkhandPatna[email protected]
14KeralaThiruvananthapuram[email protected]
15Assam, Meghalaya, Mizoram, Manipur, Nagaland, Tripura, Arunachal PradeshGuwahati[email protected]
16Punjab, Himachal Pradesh, J&K, Ladakh, Haryana ,Chandigarh(except districts Gurugram, Sonipat, Faridabad and Palval)Chandigarh[email protected]
17Delhi, Uttarakhand, Western Uttar Pradesh, part of Haryana (Districts- Gurugram, Sonipat, Faridabad and Palval)Delhi[email protected]
Annexure – IDeferment of Recovery of Instalment/EMI through NACH/SI.
Annexure-IIList of State/UT specific Email ID
Annexure – IIIFAQs COVID-19 SBI Relief Measures
Annexure-IVIBA – FAQs COVID-19 Relief Measures
SBI Loan EMI Refund/ Credit CardCustomer Care/ Complaint Online
SBI Fraud/ Cyber CellCheck Here
RBI Grievance Cell Loan, EMI Refund ComplaintComplete Details

 

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