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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 guideline dated May 23, 2020, has announced certain additional measures whereby it has permitted Banks / NBFCs to extend the moratorium for the period Mar-May 2020 by another three months up to August 31, 2020.

    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 extension period?

  • The moratorium extension period is of 3 months for making payment of Credit Card outstanding balance / EMIs falling due between 1 Jun 2020 and 31 Aug 2020. For EMI payments, there is no extension of tenure. Customers can choose to opt-in for the moratorium for one payment cycle at a time and all dues including interest at 3.35% per month (as per Cardmember Terms & Conditions) shall be payable by the next due date during the moratorium period.

  • Q3. Am I eligible for the moratorium extension?

  • Any account, whether in current or overdue status, which was not classified as NPA as on 29 Feb 2020, and also on the date of opting-in for the moratorium, shall be eligible for the moratorium extension. You can check your eligibility on the website post account login.

    All eligible cardholders wishing to avail of the moratorium extension need to opt-in for the same, at least 5 days prior to the Payment Due Date for that month date (excluding the Payment Due Date). Please note that in case you opt for the moratorium extension, you will be charged interest at the rate of 3.35% per month (as per Cardmember Terms & Conditions) on the unpaid amount and your card usage can be restricted based on internal policies.

  • Q4. If I opt-in for the Moratorium, will there be a waiver of interest for the deferred payments?

  • The moratorium extension is only for deferment of payment. Interest (as per Cardmember Terms & Conditions) will continue to accrue on your unpaid credit card outstanding. Cardholders can make payments towards the outstanding to avoid / minimize the levy of interest charges for this period.

    For example:

    If the cardholder opts-in on 5 Jun 2020, and the credit card bill is generated on 1 Jun 2020 and the cardholder chooses not to pay. Then the cardholder will be charged an applicable monthly interest. In case the cardholder doesn’t pay on 21 Jun 2020 as well, interest shall continue to accrue on the total outstanding amount for June 20.

    Sample interest calculation for various payment scenarios is illustrated below:


       Date

     Details

    Scenario 1
    (Full 100% Payment)

    Scenario 2
    (Part 50% Payment)

    Scenario 3
    (Part 25% Payment)

    Scenario 4 (Nil 0% Payment)

    2 May 20

    Opening Balance

               10,000

               10,000

               10,000

               10,000

    22 May 20

    Payment Made

               10,000

                  5,000

                  2,500

                         -  

     

    Interest Charged at 3.35% (from 2nd  May to 1st Jun)

                         -  

                     286

                     314

                     341

     

    GST on Interest

                         -   

                        52

                        57

                        61

    1 Jun 20

    Total Amount Due (TAD)

                         -  

                  5,338

                  7,870

               10,403

    2 Jun 20

    Opening Balance

                         -  

                  5,338

                  7,870

               10,403

    22 Jun 20

    Payment Made

                         -  

                  2,669

                  1,968

                         -  

     

    Interest Charged at 3.35% (from 2nd  Jun to 1st Jul)

     

                     150

                     241

                     344

     

    GST on Interest

     

                        27

                        43

                        62

    1 Jul 20

    Total Amount Due (TAD)

                         -  

                  2,846

                  6,187

               10,809

     

    Total Interest Charged During 2 months of moratorium

                         -  

                     436

                     554

                     685

  • Q5. How do I opt-in for the moratorium extension?

  • To avail of the moratorium extension, eligible customers will need to place a request on the website to opt-in for the same. Only then shall the account be enrolled in the moratorium extension and the terms of moratorium extension shall apply. Click here to place opt-in request in a few simple steps.

    In case a customer does not place a request to opt-in, terms of moratorium extension shall not apply. There shall be no auto enrolment basis missed payments during the moratorium extension period.

    Customers will be required to apply for the moratorium extension starting 20 days prior to the due date, and at least 5 days prior to the Payment Due Date (excluding the Payment Due Date) to be considered for enrollment in the moratorium extension for the given month. In case a request by the customer is placed within 5 days of the payment due date, the same shall not be approved for enrolment in the moratorium extension. For example, if Payment Due Date is on 15 Jul 2020, then the request for enrolment in the moratorium extension on the website has to be placed between 25 Jun 2020 and 9 Jul 2020; if the request is placed between 10 Jul 2020 – 15 Jul 2020 or before 25 Jun 2020, the same shall not be accepted. However, for due dates till 15 Jun 2020, customers shall be allowed to place a request for moratorium extension till 15 Jun 2020.

  • Q6. If I opt-in for the moratorium extension in June, will it automatically be applicable for July & August too?

  • Customers will be required to opt-in to avail the benefit of the moratorium extension to defer card payments due between 1 Jun 2020 and 31 Aug 2020. Moratorium extension requests shall be valid for one payment cycle only and customers will have to re-apply for the moratorium extension again for the next payment cycle.

  • Q7. I had opted for the earlier moratorium for the period Mar 2020-May 2020. Will the moratorium extension automatically continue to Jun2020-Aug 2020?

  • No. All eligible cardholders wishing to avail of the moratorium extension need to opt-in for the same. Also, unlike the earlier moratorium, there shall be no auto enrolment basis missed payments during the moratorium extension period.

  • Q8. Can I opt-in for the moratorium extension after my payment due date??

  • Customers will be required to apply at least 5 days prior to the Payment Due Date (excluding the Payment Due Date) to be enrolled for the moratorium extension.

  • Q9. Should I hold my Credit Card payments during the moratorium extension period?

  • In case you opt to avail the moratorium extension for your credit card dues, you may hold the payment during moratorium extension period. However, kindly note that the moratorium extension merely defers the payment. Your credit card dues will continue to accumulate interest, other applicable charges (other than Late Payment Fee) and residual GST (as per Cardmember Terms & Conditions). 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
    • To ensure that your card is not restricted for usage based on internal policies
  • Q10. 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 1 Jun 2020 and 31 Aug 2020. You will have to pay the entire accumulated outstanding (including EMIs) together on your next payment due date, along with the interest that shall continue to accrue on the outstanding balance of your credit card during the moratorium extension 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 and also to keep your card active for usage during the moratorium extension.

  • Q11. Does the moratorium extension cover both principal and interest?

  • Yes. It does. Instalments will include the following payments falling due between 1 Jun 2020 and 31 Aug 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.

    In case you choose to opt-in for the moratorium extension, your card usage/limit may be restricted based on periodic review of your account.

  • Q12. 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 guidelines 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 (as per Cardmember Terms & Conditions).

  • Q13. What will happen to my credit score on non-payment of outstanding during three months moratorium extension?

  • 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 extension on the credit score. As per RBI, rescheduling of payments, including interest, due to moratorium extension will not qualify as a default for the purposes of supervisory reporting and reporting to Credit Information Companies (CICs).

  • Q14. My Credit Card payment is due soon. Should I hold the payment?

  • In case you opt to avail the moratorium extension for your credit card dues, you may hold the payment during moratorium extension period. However, kindly note that the RBI’s moratorium package merely defers payment. Your credit card dues will continue to accumulate interest and residual GST (as per Cardmember Terms & Conditions). 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 choose to opt-in for the moratorium extension, your card usage/limit may be restricted based on periodic review of your account.

  • Q15. Will the moratorium extension impact my card services?

  • In case you choose to opt-in for the moratorium extension, your card usage/limit may be restricted based on periodic review of your 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 (as per Cardmember Terms & Conditions).

  • Q16. 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, EMIs 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.

  • Q17. I have already missed the payment for the month of June’20. Will I be eligible for a moratorium?

  • Customers will be required to apply for the moratorium extension starting 20 days prior to the due date, and at least 5 days prior to the Payment Due Date (excluding the Payment Due Date) to be considered for enrollment in the moratorium extension for the given month. In case a request by the customer is placed within 5 days of the payment due date, the same shall not be approved for enrolment in the moratorium extension. For example, if Payment Due Date is on 15 Jul 2020, then the request for enrolment in the moratorium extension on the website has to be placed between 25 Jun 2020 and 9 Jul 2020; if the request is placed between 10 Jul 2020 – 15 Jul 2020 or before 25 Jun 2020, the same shall not be accepted. However, for due dates till 15 Jun 2020, customers shall be allowed to place a request for moratorium extension till 15 Jun 2020.

    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 (as per Cardmember Terms & Conditions).

  • Q18. Will the moratorium extension 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 Mar 2020 will not be eligible for moratorium extension.

  • Q19. Why has SBI Card charged me Late Payment Charge during the moratorium extension period?

  • Dear Cardholder, as per policy, Late Payment Charges will be waived off for customers where the request for opt-in has been approved for that payment cycle. All other charges will continue to accrue during the moratorium extension period. We are currently in the process of reversing Late Payment Charges for approved list of customers and the same would reflect in their next statement.

  • Q20. I had opted-in for the moratorium extension, 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 moratorium. All other charges will continue to accrue during the moratorium extension period.

  • Q21. 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.