<p>SBI on Wednesday said it has simplified the equated monthly instalment (EMI) deferment process for eligible borrowers who want to avail moratorium on term loan repayments.</p>.<p>It has reached out to all its eligible loan customers to obtain their consent to stop their standing instructions (SIs) / National Automated Clearing House (NACH) mandate for the EMIs falling due in June, July and August 2020, the State Bank of India (SBI) said in a statement.</p>.<p>"For this, we have simplified the process of stopping the EMIs by initiating a SMS communication to nearly 85 lakh eligible borrowers asking about their consent to stop EMIs," the country's largest lender said.</p>.<p>The borrowers have to reply with a 'Yes' to a designated virtual mobile number (VMN) mentioned in the SMS within five days of receiving the message, if they wish to defer the EMIs.</p>.<p>Last week, the Reserve Bank of India (RBI) allowed banks and other lending institutions to extend the moratorium on term loans till August 31, 2020.</p>.<p>In March, RBI had announced a three-month moratorium on payment of all term loans falling due between March 1, 2020 and May 31, 2020 to help borrowers cope with the economic fallout of the COVID-19 crisis.</p>.<p>SBI Chairman Rajnish Kumar had last week said that close to 20 per cent of the bank's borrowers have availed the moratorium on term loans.</p>
<p>SBI on Wednesday said it has simplified the equated monthly instalment (EMI) deferment process for eligible borrowers who want to avail moratorium on term loan repayments.</p>.<p>It has reached out to all its eligible loan customers to obtain their consent to stop their standing instructions (SIs) / National Automated Clearing House (NACH) mandate for the EMIs falling due in June, July and August 2020, the State Bank of India (SBI) said in a statement.</p>.<p>"For this, we have simplified the process of stopping the EMIs by initiating a SMS communication to nearly 85 lakh eligible borrowers asking about their consent to stop EMIs," the country's largest lender said.</p>.<p>The borrowers have to reply with a 'Yes' to a designated virtual mobile number (VMN) mentioned in the SMS within five days of receiving the message, if they wish to defer the EMIs.</p>.<p>Last week, the Reserve Bank of India (RBI) allowed banks and other lending institutions to extend the moratorium on term loans till August 31, 2020.</p>.<p>In March, RBI had announced a three-month moratorium on payment of all term loans falling due between March 1, 2020 and May 31, 2020 to help borrowers cope with the economic fallout of the COVID-19 crisis.</p>.<p>SBI Chairman Rajnish Kumar had last week said that close to 20 per cent of the bank's borrowers have availed the moratorium on term loans.</p>