SBI customers to SMS ‘yes’ for moratorium

State Bank of India’s (SBI’s) customers will be able to avail loan repayment moratorium facility by simply responding to an SMS from the bank, the lender said.

The bank will send an SMS to customers, who have given standing instructions, to which they have to respond with a ‘yes’ within five days of the communication if they want to avail the facility.

The bank also said it would extend the moratorium by another three months for all 85 lakh eligible customers without waiting for their request.

“The extension of moratorium and deferment of EMIs would give some respite to the borrowers amid COVID-19 outbreak,” SBI added.