SBI Provides Loan Relief To Borrowers In Manipur
The State Bank of India (SBI) has introduced a relief initiative for its customers in Manipur, offering assistance to those impacted by the ongoing unrest in the state. The relief package encompasses a moratorium that extends up to 12 months on equated monthly installments (EMIs), interest payments, and other installments.
Eligibility for this package is determined by the account status as of 3 May 2023, and will be enacted based on an assessment date of 4 May 2023, as stated in a notice from the SBI Manipur regional office. Borrowers seeking relief are required to visit their home branches or nearby SBI branches before 31 August 2023, to avail the benefits.
Understanding the difficulties faced by individuals and businesses in Manipur during this time, the SBI's relief package aims to offer crucial support. The moratorium on EMIs and interest payments is expected to provide borrowers with essential breathing space, enabling them to navigate their finances amidst the disruptions caused by the ongoing unrest. An official welcomed the SBI's initiative, recognizing its potential to alleviate financial pressures for affected borrowers in Manipur.
