Want to apply for SBI extension? Here’s how you can do it

According to the reserve bank of India, banks are given the guideline to provide a three month moratorium on the repayment of term loans. And due to this, the State bank of India has initiated the procedure. The SBI tweeted-“Good news for borrowers! The bank has decided to extend the moratorium for payment of instalments/ EMIs in all term loans for a period of 3 months. This is applicable for EMIs/Instalments due between 1st March 2020 to 31st May 2020,”

It will automatically do that as banks will not raise the demands for EMI for next three months. The bank has also issued mailers and also put FAQs on the site for informing the customers about the same. The bank has now issues the list of emails for sending the application for differing the EMI.

Here is the details given-

For those who do not want to refer recovery of instalments- If that is the case, no action is required at all. They can continue paying the way they used to be.

For those who wants to defer recovery of EMI- NACH- where the collection of EMI is effected via national automated clearing house, customers must submit an application with a mandate for NACH extension in order to stop NACH for the instalments via an email to the email given.

Standing instructions- Customers must submit an application via an email to the email address.

Those who want refund of the instalment- Then you have to submit an application via an email to the email address.