For SBI Bank borrowers, Moratorium of 2 years

       There is a good news for those who defaulted on their loans during the covid-19. SBI has taken the initiative. This benefit is available to all home, education, personal , vehicle, loan takers. This benefit is available to those who have defaulted on a loan during the covid 19  period. 

             Restructuring approved by the Reserve Bank of India as per the loan policy a Moratorium of 2 years has been declared on loans under the scheme. No need to pay EMI during this period. But interest will be charged. The additional interest is 0.35 % per annum.

        Exemptions under the news scheme included at 24 month moratorium under the act, readjustment of installments and an extension of the loan period  to a period equal to the Moratorium.

        This will be in addition to the moratorium previously sanctioned by the bank. Those who have money ,during the moratorium period  can pay the EMI. This will reduce the interest rate.

            The loan term will be extended to  moratorium. Beneficiaries will then be notified of the amount to be paid. The real criteria is whether the borrower is affected by covid 19. The last date to apply is December 24th.We can apply through online.


  • Those with the lowest salary or income by August 2020.
  • Those whose salaries are suspended during the lock down  period.
  • Those who lost their job or terminate their business
  • Businesses,  self employed, professionals and business people who have  lost business due to the closure of lockdown.

Retail loan standard account holders are eligible to apply.

Loans under the scheme

Educational loan

Home loans

Vehicle loan

Personal loan

Maximum age for loan  extensions is depend on the loans.For home loans,maximum 24months/the borrower turns 77 years old.


  • Last salary clips
  • Affidavit stating income
  • Dismissal letter in case of loss of job
  • Salary credit account statement
  • Operating account statement for 15 days from February to submit application. 
  • Affidavit proving that  covid-19 had adversely affected the business.

Holders of multiple loans can also apply.

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