The Reserve bank of India has extended the moratorium for the next three months so that it will be easier for the public to repay. And on this, the State bank of India has announced that they are going to extend the moratorium for all their eligible customers without waiting for their request.
Borrowers are not sure how to apply for it and hence, many suffer for the same. And to ease the situation, the bank has come up with the solution. The bank has also asked for the consent from all their customers before taking the step.
The bank has released a statement says- “For this, the bank has simplified the process of stopping the EMIs by initiating a short message service (SMS) communication to nearly 8.5 million eligible borrowers asking about their consent to stop EMIs. The borrowers have to reply with a yes to a designated virtual mobile number (VMN) mentioned in the SMS sent by the bank within five days of receiving the SMS, if they wish to defer the EMIs,”
It is still a matter of choice for the borrowers of other banks and financial institute. So if you are looking to opt for a moratorium, you need to apply and talk to your bank for the same.