How SBI customers can apply for EMI moratorium

State Bank of India, the country's largest lender has come out with the detailed steps that borrowers need to follow in order to avail the three-month moratorium on loan repayment following the Reserve Bank of India (RBI) directive to banks
to provide three-month grace period on repayment of term loans. SBI has initiated the process to defer the payment of EMIs of housing loan, vehicle loans, MSME loans and payment of all other term loans whose installments are due between March 1 and May 31. Those who have already paid EMI for the above period can apply for a refund as well.

"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/Installments due between 1st March 2020 to 31st May 2020. Know more: https://bank.sbi/stopemi," SBI said in a tweet from its official handle @TheOfficialSBI.

According to SBI website, those who do not want to avail the moratorium are not required to do anything. SBI borrowers who want to avail the moratorium, should follow the below-mentioned steps:

1) NACH – Where collections of such instalment / EMI is effected through National Automated Clearing House (NACH), please submit an Application (Annexure-I) along with mandate for NACH Extension-(Annexure-II) to stop NACH for these instalments through an e-mail to the specified email ID (Annexure-III).

2) Standing Instructions (SI) – Please submit an Application (Annexure-I) through an email to the specified email ID (Annexure-III). 

3) Customers who want refund of the instalment/EMI already paid: Please submit an Application (Annexure-I) through an email to the specified mail ID (Annexure-III)

The format to write the above-mentioned application is given in Annexure-I while the format for mandat for NACH Extension is given in Annexure-II on the above-mentioned link on SBI website. The list of email IDs to whom you are required to send the e-mail is given below.