The State Bank of Pakistan announced regulatory relief measures for consumer financing amid the coronavirus outbreak.
Is says that borrowers availing consumer finance (auto, housing, personal loans, credit card) and those who were regular on their payments till December 31, 2019 can request banks to defer the principal amount for one year without any fee or increase in markups.
They will continue to serve the markup amount.
In a series of tweets, SBP said all borrowers who were unable to service the mark-up amount and need deferment exceeding one year, can request the bank to reschedule or restructure their facilities.
If it is done within 180 days of the loans being past due, such financing facilities will continue to be treated as regular, SBP said.
This regulatory relief will not effect the borrower’s credit history, the bank said.
A request can also be made by the borrowers through SBP’s call centre from registered numbers or authorised email addresses.
You can visit the SBP website for complete details.