Friends, you will be aware that the Reserve Bank has given relief from not repaying the loan for three months, and the benefit of this relief will also be for those using State Bank Credit Card. Meaning if you want, you can avoid paying the bill of March, April and May 2020. The moratorium you got from repaying the loan is called it.
In this post, we will tell you what are the important rules of SBI Card Moratorium. And we will tell you how much you will benefit from this delay. And .. how can you apply for this…. What will be its process.
Rules for SBI Card Moratorium
So let’s start with the rules of sbi card moratorium, because if you apply for moratorium without knowing them, then you might make a big mistake. We will tell you the five most useful rules.
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1- Bill will not be forgiven
First of all, you should understand that you are getting relief by paying the credit card bill. Your bill will not be forgiven. That is, you will not have to pay whatever bill you have to pay now.
2- Interest will have to be paid
Your interest in this moratorium will not be forgiven. That is, if you take time to pay the credit card bill, then you will have to pay interest on the outstanding amount. And the rate of interest is quite high. The SBI card will charge an interest of 3.35% per month.
Suppose you have to pay ten thousand rupees in April. But if you take advantage of Moratorium and fill it in June, then for this two months you will have to pay Rs 681. That is, in June you will have to pay ten thousand 681 rupees.
3- Late fees will not apply
The only benefit you will get from the Moratorium is that the State Bank will not charge you any late fees. You will be aware that late fees are incurred for not filling the credit card bill. The higher the outstanding amount, the higher the late payment fee.
If your balance in SBI card is more than 10 thousand rupees then eight hundred rupees late payment fee is charged. You will not have to pay the same fees if you take advantage of the moratorium. By the way, even if you pay the minimum due amount of the credit card, then there is no late payment fee.
4- Arrears must be filled together
Any bills you do not pay will have to be filled in June. That means the bills for both the months of April and May have to be filled simultaneously in June. If you are unable to pay the entire money that month, then you will have to pay interest even further. And if you cannot deposit the minimum due amount, then late fees will also be incurred.
5- Credit card EMI deferment too
If you have taken advantage of the facility of credit card EMI, you can still avoid paying its installment in April-May. But you have to fill the outstanding installments of these two months together in June. SBI Card will not change the repayment period. However, you will also have to pay more interest on postponing the installment.
Should you take advantage of Moratorium?
So here are the rules of SBI Card Moratorium. Now let’s see if you should take advantage of this facility?
See, time is extended to those who are not in a position to repay their debts due to lockdown. It is a small relief for those people. But for those who are not in such difficulty, there is no use. Because the rate of interest on credit card bills is very high.
The SBI card will charge the same amount of interest in a month in a month as you get interest in a State Bank Saving Account. So if you have money in your account, do not make the mistake of postponing the credit card bill. But if you are in trouble and are not in a position to pay this bill then you will definitely benefit and you should apply for it.
How to apply for SBI Card Moratorium?
To take advantage of SBI Credit Card Moratorium, you can apply online. For this, you have to go to its website sbicard.com. As soon as you open this website, you will get information giving information about moratorium. You can opt for Moratorium from there.
Keep in mind you must have a login and password to apply online for moratorium. Because without this you cannot apply online. After login, you will have some conditions, after agreeing to that, you tap on the submit button.
With this, your credit card will be postponed till June. But if your mind changes in the middle, then you can deposit the installment earlier also, this will save your interest.
If you wish, you can choose the option of Moratorium even after login. For this, you have to go to the service section and tap on Payment Moratorium.
By the way, SBI is also an extremely easy method of credit card moratorium. Login and password are not required for this method, even you do not need to go online.
The SBI card says that if you do not pay the bill for April and May, it will be assumed that you have chosen the Moratorium and no late fees will be imposed on you. Meaning you will get full benefit by yourself.
