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As the moratorium has been extended to August 31,2020, SBI bank has simplified the process of stopping EMIs by initiating an SMS communication to all eligible customers to stop EMIs. This is done to obtain consent from customers to stop their Standing Instructions (SI)/NACH mandate for EMIs due from June 1, 2020 to August 31,2020.
Customers who do not want to take up the moratorium and continue to pay their dues don’t have to take any action and may continue to pay their monthly EMI payments. To give standing instructions to stop the EMI, customers would have to send an SMS Reply <YES> to VMN within 5 days from when the bank sent the communication. Where collection of such EMIs is affected through NACH(National Automated Clearing House), customers can send an SMS Reply <STOP 1234>(where 1234 is the last 4 digits of their loan account number) to VMN within 5 days from the receipt of SMS. If your mobile number is different from the number registered to the bank then you may not receive an SMS.