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SBI extends term loan EMI moratorium, simplifies process to opt for it

The bank has started notifying its borrowers via SMS, seeking their consent to defer EMIs.

May 28, 2020 / 09:55 PM IST

The country's largest lender the State Bank of India (SBI) has extended the moratorium on term loan EMIs by another three months, in line with the Reserve Bank of India's (RBI) recent announcement.

SBI has also simplified the process through which the customers can opt to defer the EMIs.

"For this, the Bank has simplified the process of stopping the EMIs by initiating an SMS communication to nearly 85 lakh eligible borrowers asking about their consent to stop EMIs. The borrowers have to reply with a YES to a designated virtual mobile number (VMN) mentioned in the SMS sent by the Bank within 5 days of receiving the SMS, if they wish to defer the EMIs," it said in a statement.