Considering the COVID-19 pandemic and prevalent economic slowdown, State Bank of Pakistan (SBP) has decided to extend multiple relief schemes for the next three months.
The borrowers, who have not availed the deferment of principal earlier, may now submit their requests to the banks up to September 30, 2020. Credit cardholders and those who availed personal loan facility will get relief of payment from the respective banks.
Customers can continue their interest payments whereas the principal payment will be paid during the agreed period.
The central bank has stated that the banks, by defining policy parameters to evaluate the merits of each case and recording reasons and justifications there against, can process the requests, for one time only, for rescheduling/restructuring received from such borrowers who have already availed the deferment of the principal amount.
Besides, bank customers who have availed housing and auto financing, and borrowers falling under the SME and corporate loans can also benefit from the relief scheme introduced by the central bank.
So far, loans of Rs. 593 billion have been deferred by the banks under the scheme. Banks have also restructured or rescheduled loans of Rs. 126 billion.
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