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COVID-19 Regulatory Package

  • Q1. What is the RBI moratorium on loan repayment? What is the scope of RBI’s moratorium? What kind of loans does the moratorium cover?

  • RBI vide its press release dated 27th March 2020 titled “Statement on Developmental and Regulatory Policies and subsequently through COVID-19 –Regulatory Package had directly addressed the stress in financial conditions caused by COVID-19

    The RBI policy statement explicitly mentions term loans, which includes home loans, personal loans, education loans, auto and any loans which have a fixed tenure. This also includes consumer durable loans, such as EMIs on mobiles, fridge, TV and credit card dues etc.

  • Q2. What is the moratorium period?

  • The moratorium period is of 3 months for making payment of Credit Card outstanding balance / EMIs falling due between 1st March 2020 and 31st May 2020 and the entire outstanding amount, including the applicable interest and charges (other than Late Payment Charge) during this period, need to be made as per your June 2020 payment due date.

    For EMI payments, there is no extension of tenure.

  • Q3. Am I eligible for a moratorium?

  • Any account whether in current or overdue status, which was not classified as NPA as on 29th Feb’20 shall be eligible for the moratorium.

    All eligible cardholders wishing to avail of the moratorium can opt-in for the same. Please click here to complete the opt-in process in a few simple steps. Also, such accounts shall be deemed to be auto-enrolled for a moratorium in case no payment is received on their respective due dates falling in Mar’2020 or Apr’2020 or May’2020. It is clarified that for accounts where there is auto debit/SI, the same shall be executed as business as usual. However, in case of dishonor of the instructions, the account would be auto enrolled for the moratorium and the dishonor (bounce) charges shall be reversed accordingly.

  • Q4. How do I opt-in for the moratorium?

  • All eligible cardholders wishing to avail of the moratorium can opt-in for the same. Please click here to complete the opt-in process in a few simple steps. You will be automatically enrolled for the moratorium, in case you do not make payment by your due date in Apr 2020 or May 2020, or if you haven’t made payment by your due date in Mar 2020

  • Q5. Should I hold my Credit Card payments during the moratorium period?

  • In case you opt to avail the moratorium for your credit card dues, you may hold the payment during moratorium period. However, kindly note that the moratorium merely defers the payment. Your credit card dues will continue to accumulate interest, other applicable charges (other than Late Payment Fee) and residual GST. Hence, we advise you to make your card payments regularly:

    • To lessen your burden from accumulation of outstanding amount;
    • To avoid interest which will continue to accrue on the outstanding amount at applicable interest rate associated with your card account
  • Q6. Is this a waiver of EMIs / Credit Card Outstanding Balance or a deferment of EMIs / Outstanding Balance payment?

  • This is not a waiver, but a deferment or moratorium from making payment of installments / outstanding balance falling due between 1st March 2020 and 31st May 2020. You will have to pay the entire accumulated outstanding (including EMIs) together as per your June 2020 payment due date, along with the interest that shall continue to accrue on the outstanding balance of your credit card during the moratorium period.

    Please note, in the case of EMIs, there is no extension of tenure.

    Hence, we advise you to make card payment regularly to lessen your burden from accumulation of outstanding amount which will also include interest and GST charges.

  • Q7. Does the moratorium cover both principal and interest?

  • Yes. It does. Instalments will include the following payments falling due between March 1, 2020 and May 31, 2020

    (i) Principal and/or interest components

    (ii) Equated Monthly instalments

    (iii) Credit card dues.

    As per RBI guidelines, interest will continue to accrue on your credit card outstanding balance.

  • Q8. Will there be Late Payment Charges (LPC) and Interest charges along with GST on my SBI Credit Card if I miss to pay Minimum Amount Due?

  • RBI moratorium clearly says, “interest shall continue to accrue on the outstanding portion of the term loan during the moratorium period”. While we will not charge you LPC and its residual GST, but a non-payment will accrue interest on your outstanding amount and applicable charges.

  • Q9. What will happen to my credit score on non-payment of outstanding due to three months moratorium?

  • Credit bureau score is calculated based on proprietary models of individual credit bureaus and we will not be able to comment on the impact of the moratorium on the credit score.  As per RBI, rescheduling of payments, including interest, due to moratorium will not qualify as a default for the purposes of supervisory reporting and reporting to Credit Information Companies (CICs). However, SBI Card will continue to report updated balances every month along with the repayment status of Feb’2020 during the moratorium period. Normal credit bureau reporting shall start from June’2020 onwards.

  • Q10. My Credit Card payment is due soon. Should I hold the payment?

  • In case you opt to avail the moratorium for your credit card dues, you may hold the payment during moratorium period. However, kindly note that the RBI moratorium merely defers payment. Your credit card dues will continue to accumulate interest and residual GST. Hence, we advise you to make card payment regularly to lessen your burden from accumulation of outstanding amount which will also include interest and GST charges.

    In case you have opted for auto-debit/ECS facility, unless it is modified the same will be deducted as per mandate given by you previously.

  • Q11. Will the moratorium impact my card services?

  • The card services will be active/inactive for usage as per the status of your card account on Feb’20 and periodic review of account. We advise you to make card payment regularly to lessen your burden from accumulation of outstanding amount which will also include interest and GST charges.

  • Q12. Will my credit card statement get generated?

  • Yes, your credit card statement will continue to get generated and will be sent to you. The statement will include past dues and new charges (including usage, interest levied due to the deferral of payment during the moratorium). The interest will be calculated from the date of individual transactions till the statement date.

  • Q13. I have already missed the payment for the month of March’20. Will I be eligible for a moratorium?

  • Any account whether in current or overdue status, which was not classified as NPA as on 29th Feb’20 shall be eligible for the moratorium.

    In the event a customer has more than one account / card, only those accounts / cards which are in current status or overdue status, and not classified as NPA as on 29th Feb’20 shall be eligible for the moratorium.

    We advise you to make card payment regularly to lessen your burden from accumulation of outstanding amount which will also include interest and GST charges.

  • Q14. Will the moratorium be applicable to new SBI Card customers?

  • Customers whose SBI Credit Card accounts have been created (and thus have been issued new credit cards) on or after 1 March 2020 will not be eligible for moratorium.

  • Q15. Why has SBI Card charged me Late Payment Charge during the moratorium period?

  • Dear Cardholder, As per policy, Late Payment Charges will be waived off for eligible customers opting for the RBI moratorium. All other charges will continue to accrue during the moratorium period. We are currently in the process of reversing Late Payment Charges for eligible customers and the same would reflect in their next statement.

  • Q16. I had opted-in for the moratorium, yet why have I been charged Interest / Annual Fee by SBI Card?

  • Dear Cardholder, As per policy, only Late Payment Charges will be waived off for eligible customers opting for the RBI moratorium. All other charges will continue to accrue during the moratorium period.

  • Q17. I had made payment towards my card outstanding and yet you have deducted the outstanding balance through Auto Debit from my account.

  • Dear Cardholder, In case you have made payment towards your card outstanding and the outstanding amount has also been deducted from your account through Auto Debit, we would request you to kindly call our helpline for Credit Balance Refund. We regret the inconvenience caused.

  • Q18. I had not paid for my card outstanding as I was opting for the moratorium, yet SBI Card has deducted the outstanding balance through Auto Debit from my account.

  • Dear Cardholder, for accounts where there is an auto debit instruction, the same shall be executed as business as usual and moratorium will not be applicable for such accounts.

  • Q19. Why have I been charged Payment Dishonor Fee?

  • Dear Cardholder, Please refer point #3 above for more details.