SBI to provide relief package to borrowers
Source: Chronicle News Service
Imphal, August 12 2023:
In response to the ongoing crisis in Manipur since May 3, State Bank of India (SBI) would be providing relief package to its loan borrowers including allowing of maximum moratorium or deferment period for 12 months.
In a release, SBI region IV RBO Imphal pointed out that the relief measures will be implemented based on an assessment date of May 4.All borrowers whose accounts have not turned NPA as on May 03 may apply for the relief package.
However, the relief measures will not apply to accounts that have already been classified as Non-Performing Assets (NPAs) as of May 3, 2023.The relief package allows for a maximum moratorium or deferment period of 12 months.
This means that borrowers who qualify for the relief may be able to postpone their Equated Monthly Instalments (EMIS), interest payments, and/or installments for up to 12 months, it added.
SBI loan borrowers willing to avail the package are requested to approach their home branches/ any nearby branch by August 31for further details, it continued, while adding that final eligibility will be governed by fulfillment of all other terms & conditions.