- In terms of RBI COVID 19 regulatory package dated 27.03.2020, SGB had initiated steps to defer the instalments and interest/EMIs on Term Loans falling due from 01.03.2020 to 31.05.2020. Further, following RBI’s directives dated 23.05.2020 extending the moratorium for another 3 months falling due from 01.06.2020 to 31.08.2020 on payments of all instalments in respect of term loans, the moratorium period of all eligible Term Loan account is being extended by the bank for further 3 months. Accordingly, the total moratorium period in all eligible term loan account will be extended by 6 months.
Options for Customer:-
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Particular |
Course of Action |
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Customer who do not want to defer recovery of instalments /EMI |
No action is required. They may continue to pay in usual course. |
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Customer who wants to defer recovery of instalments/EMI |
NACH – Where collections of such instalment / EMI is effected through National Automated Clearing House (NACH), please submit an Application (Annexure-I & II) through an e-mail* to the specified email ID (Annexure-III). Standing Instructions (SI) – Please submit an Application (Annexure-I &II) through an e-mail* to the specified email ID (Annexure-III). |
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Customers who want refund of the instalment/EMI already paid |
Please submit an Application (Annexure-I&II) through an e-mail* to the specified email ID (Annexure-III). |
* If you are unable to send through e-mail, handwritten application can also be submitted in the same format to the home branch.
Effecting deferment of EMI/NACH/Refund may take approximately 7 working days. Please bear with us. Thanks for your cooperation.
Impact of Deferment: To enable you to take an informed decision, we furnish hereunder the impact of deferment:
Interest shall continue to accrue on the outstanding portion of the Term Loan during the moratorium period. The possible impact of the extension of the repayment period has been explained below:
Impact in case of Auto Loan –
| Those who availed the first 3 months deferment and want to avail further deferment for 3 months | Those who would like to avail this deferment benefit for the first time. |
| For a loan of Rs.6 Lacs with a remaining maturity of 54 months the additional interest payable would be Rs.36,000 approx. equal to additional 3 EMIs | For a loan of Rs.6 Lacs with a remaining maturity of 54 months the additional interest payable would be Rs.19,000 approx. equal to additional 1.5 EMIs. |
Impact in case of Home Loan –
| Those who availed the first 3 months deferment and want to avail further deferment for 3 month | Those who would like to avail this deferment benefit for the first time. |
| For a loan of Rs. 30 Lacs with a remaining maturity of 15 years the additional interest payable would be Rs.4.54 approx. equal to additional 16 EMIs. | For a loan of Rs. 30 Lacs with a remaining maturity of 15 years the additional interest payable would be Rs.2.34 lac approx. equal to additional 8 EMIs. |
Impact in case of Auto Loan – For a loan of Rs.6 Lacs with a remaining maturity of 54 months the additional interest payable would be Rs.19,000 approx. equal to additional 1.5 EMIs.
Impact in case of Home Loan – For a loan of Rs.30 Lacs with a remaining maturity of 15 years, the net additional interest would be approx. 2.34 Lacs equal to 8 EMIs.
Formats: