A large effect of the COVID-19 pandemic has been a disruption in finances, arising out of the loss of income for individuals and business units. Keeping in view of these serious financial challenges, and in a bid to bring relief to such businesses and individuals, The Reserve Bank of India, on March 27, 2020, made a regulatory announcement on EMI Moratoriums for borrowers. In response to the RBI’s circular on COVID 19 Regulatory Package, The State Bank of India- the country’s largest lending institution, has initiated relief steps for its borrowers on repayment of all term loans such as personal loan, housing loan, vehicle loan as well as for those who have availed working capital facilities such as cash credit or overdraft can also apply for the moratorium.

Please find the relevant details below-

  1. The moratorium is for payment of all instalments and interest on loans falling due between March 1, 2020, and May 31, 2020.
  2. So the total repayment period of the loan will be extended by 3 months over the original repayment period.
  3. The Bank advises people who have sound cash flows not to avail the deferment. In which case, the EMIs would continue to be debited as per schedule.

But it is a call completely taken by the borrower if he wants to avail the deferment. Before a customer decides on deferment, the important point to be considered is that interest shall continue to accrue on the outstanding portion of the loans during the moratorium. It only gets postponed by 3 months resulting in a higher cost. However, if a customer still wishes to avail the deferment, he has to instruct the Bank for the same by way of an e-mail. For customers who are unable to e-mail, a handwritten application can be submitted in the same format to the home branch.


  1. Visit https://sbi.co.in/stopemi
  2. Download Annexure-I
  3. Get it signed by the borrower who wishes to avail the deferment benefit.
  4. Submit this signed application through an email to the relevant e-mail ID from the list of e-mail IDs of different States/ UTs shared in Annexure-II.
  5. Also deducted EMIs can be reversed, so customers who wish to have a refund can make a request for the same in the application furnished in Annexure-I.
  6. For any further queries, customers can call 18004253800.

The Bank states that it could take approximately 7 working days to effect the deferment, so customers are required to be patient and cooperate until such time.

And finally, in view of the lockdown, a humble request- Please Do NOT visit the branch for routine transactions or handwritten submissions unless an e-mail cannot be sent for any reason!

Stay Home, Stay Safe

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