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Central bank announces regulatory relief to dampen effects of coronavirus

SAMAA | - Posted: Mar 31, 2020 | Last Updated: 2 months ago
SAMAA |
Posted: Mar 31, 2020 | Last Updated: 2 months ago
Central bank announces regulatory relief to dampen effects of coronavirus

Photo: AFP

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.

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One Comment

  1. Avatar
      Khalid Mian , mrmian1234@gmail.com,  April 29, 2020 6:14 pm/ Reply

    The branch where I deposit the credit card payment is closed during corona pandemic. I have explained my problem of depositing the payment for the month of April 20 but the bank is not ready to cooperate in this regard. The bank hbl has already made all the possible penalties for my hbl credit card. How can you help here?

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