- In terms of RBI COVID 19 regulatory package, SGB has extended moratorium of 3 months to all borrowers on all instalments and interest/EMIs on Term Loans falling due between 01.03.2020 to 31.05.2020. Accordingly, the total repayment period will be extended by 3 months over the original repayment period.
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. specified email ID (Annexure-II). |
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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-II). · Standing Instructions (SI) – Please submit an Application (Annexure-I & II) through an e-mail* to the specified email ID (Annexure-II). |
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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-II). |
* 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 – 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: