SBI simplifies EMI deferment process for its term loan borrowers amid COVID-19

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Bank has started notifying its borrowers via SMS for their consent to defer EMIs

Chandigarh, May 28, 2020: In line with recent RBIs announcement on extension of the moratorium on term loan EMIs by another three months, country’s largest lender, State Bank of India, has decided to extend the moratorium by another 3 months in loan accounts of all eligible customers without waiting for their request. Besides, the Bank has also proactively reached out to all of its eligible loan customers to obtain their consent to stop their Standing Instructions (SIs) / NACH mandate for the EMIs falling due in June, July and August 2020.  For this, the Bank has simplified the process of stopping the EMIs by initiating a 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.

The extension of moratorium and deferment of EMIs would give some respite to the borrowers amid COVID-19 outbreak. 

About State Bank of India:

State Bank of India (SBI) is the largest commercial bank in terms of assets, deposits, branches, customers and employees. It is also the largest mortgage lender in the country. As on December 31, 2019, the bank has a deposit base of over Rs. 31 lakh crores with CASA ratio of little more than 44% and advances of nearly Rs. 23 lakh crores. SBI commands 34% market share home loans and 34.86% in auto loans segment. The Bank has the largest network of 21,959 branches in India with an ATM / CDM network of over 58,500. The number of customers using internet banking facility are 70 million and mobile banking services stand more than 16 million. Downloads for YONO – an integrated digital and lifestyle platform by SBI – is over 41 million with 4.5 million logins per day. On social media platforms, SBI has the highest number of followers on Facebook and Twitter amongst all banks worldwide.

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