SBI simplifies EMI deferment process


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(Representative image)

BENGALURU: India’s largest lender by assets State Bank of India (SBI) on Wedesday said following the Reserve Bank of India’s (RBI’s) extension on EMI moratorium by another 3 months – it has decided to extend moratorium for all eligible customers without waiting for their request.
The public-sector bank said it has reached out to 85 lakh borrowers for consent to stop their EMIs, standing instructions for auto-debits via SMS; where customers just have to text back with a “yes” if they wished a deferment.
SBI said the consent would stop standing instructions (SIs) / NACH mandate for the EMIs falling due in June, July and August 2020.
The bank also said it is sending an SMS to all customers asking for consent to stop EMIs. Borrowers need to respond with a “YES” to a designated virtual mobile number (VMN) within 5 days if they wished to defer payment on their loans.



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