What is the SBI Personal Loan COVID-19 Moratorium?

The Covid-19 pandemic has brought about huge disruption to life and finances in India. This had prompted the Reserve Bank of India (RBI) to  announce certain relief measures to help customers deal with the economic crisis. Banks and other financial institutions had been directed to extend an EMI moratorium of 6 months to its customers.

The State Bank of India (SBI) was also part of this relief measure and granted benefits under the moratorium scheme to the personal loan customers of the bank, who could avail of the deferment of the EMI payments for any instalment which fell between 1st March and 31st August 2020. However, note that this facility is no longer available with SBI.

Relief Measures Offered under SBI COVID-19 Moratorium

• A moratorium is not mandatory so a customer can opt out of it
• If a customer opts for the moratorium, EMI payments get deferred for 6 months
• The loan repayment period can be extended for the customer based on the moratorium period availed
• SBI also offers to get amount refunded for EMIs that have already been paid, subject to its discretion.

SBI Personal Loan EMI Moratorium Eligibility

• SBI Personal Loan customers who availed a loan before 1 March 2020 are eligible for the EMI moratorium
• Other customers will be considered based on their timely loan repayment schedule prior to 1 March 2020, based on the discretion of the bank.