SBI, the country's largest public sector bank, has extended the EMI exemption for all types of term loans till August. The Reserve Bank of India (RBI) has extended the EMI (mortuary) deferral facility of loans till August 31. Which has now also been implemented by SBI.
In fact, the RBI allowed non-payment of its installments for the first three months (March, April and May) to relieve customers who took out term loans in view of the Corona virus and lockdown. But now it has been extended by three months (June, July and August). Moraretium will benefit for a period of months.
SBI has started asking about 85 lakh customers for their consent to close their EMIs via SMS. If the borrowers want to defer their EMI, they have to reply by writing YES to the virtual mobile number given in the SMS sent by the banks. They must do this within 5 days of receiving the SMS.
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If customers want to continue EMI payments, they do not have to answer in any way. If you do not want to give loan EMI for a total of 6 months, there will be no pressure from banks. At the same time, your credit score will also be appropriate. That is, you will not become a defaulter in the eyes of the bank. However, you will have to pay extra interest for this.
