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Big relief for SBI customers! State Bank of India says, All term loan EMIs automatically deferred by 3 months

India’s biggest bank, the State Bank of India (SBI) on Friday announced that all term loan EMIs will be deferred by three months automatically. That means EMIs for all your home loans, car loans, personal loan/term loans get deferred by three months. Announcing the decision, SBI Chairman Rajnish Kumar told CNBC TV, “Installments will get automatically deferred by 3 months for term loans and customers don’t have to apply to banks for it.” SBI’s announcement comes within hours of RBI governor Shaktikanta Das announced a 3-month moratorium on loan EMIs.

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