State bank of Pakistan SBP has announced relief for any type of Loan payments like Credit cards, Auto Finance, Home Finance, Personnel Loans during the current crisis Coronavirus COVID-19
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State Bank announced Relief for Loan Payments during Coronavirus
COVID-19 has made everyone stay in their houses, the whole Country remains shut down for over two weeks. All the business activities have stopped. The people who are working in the private sector are not getting any money and it is said that people will lose their jobs and receive salary cuts from their employers. A lot of people are having financial difficulties. In this case, many people won’t be able to take the default or regular loans offered by banks.
Are you looking to get your loan payment rescheduled?
The State Bank of Pakistan (SBP) has come up with a relief payment scheme for the people who cannot go for the default loan schemes.
Following are the types of relief schemes about Coronaviris Crisis
- A customer can get a year’s relief for the payment of loans. They will be given relief on the principal amount of loan whereas they will continue to pay its interest payment without any additional charges.
- If a customer is running into a deep financial crisis and can’t even pay his/her loans even after a year, they can request rescheduling and restricting loans.
These schemes apply to the loans or financing made on the account of housing and auto finance, personal loans and credit cards.
Following is the eligibility criteria for Loan Relief
- Customers who have regularly paid their loan instalments till December 31, 2019, are eligible for availing this relief scheme. If you have missed any of the instalments before this date, you will not be given any relief– neither a yearlong deferred payment plan nor rescheduling or restricting of loans.
- Banks will receive your request and assess your financial vulnerability.
Date of Commencement and Deadline
- Customers could avail the facility from their dealing bank now. It already commenced since it was announced a couple of days ago.
- Customers could request for this relief through a call to phone banker and email.
- Phone bankers will verify your details including CNIC #, Account #, Credit Card #, Date of Birth, etc.
- There is no need to visit the bank branch, particularly in the prevailing situation.
- If the phone bankers do not register your request, you may lodge your complaints with the SBP.
- The deadline for availing this scheme is June 30, 2020.
Documentation required for the scheme
- CNIC copy, salary slips, bank statements of the last six months, etc.
- In the case of self-employment, the bank may ask you to present a guarantee or guarantor.
- This facility is available until the end of March 2021. Some of the steps could vary from the above-mentioned details. It depends on your bank.