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Economy
27 March 2020, 19:31

Belarusian banks ready to consider repayment holidays for individuals

Photo courtesy of kr.oblast.online
Photo courtesy of kr.oblast.online

MINSK, 27 March (BelTA) – Belarusian banks are ready to consider granting repayment holidays to individuals taking into account recommendations of the central bank, representatives of the banks told BelTA.

Belagroprombank representatives explained they have a procedure in place that allows giving a respite to natural persons for paying principal sums and interest sums for up to three months. Such respites can be granted upon application.

Belinvestbank representatives noted that people had experienced unforeseen difficulties in their lives before. Loan repayment can be rescheduled or postponed depending on specific life situations. A respite to repay the principal sum of a consumer loan can be granted for three months. The respite on a real estate loan can be as long as two years. If there is an emergency, the borrower can contact the bank and explain the situation. Documents to confirm the state of affairs are a welcome addition. The bank promises to make decisions on a case-by-case basis.

BelVEB Bank representatives noted they are thinking about the possibility of authorizing repayment holidays and the possible terms. “We will need documents that confirm the borrower's financial situation has worsened. For instance, a copy of the administrative order on giving the borrower an unpaid vacation, a copy of the sick list, and so on,” the source said.

Previously the National Bank of the Republic of Belarus encouraged commercial banks to consider giving repayment holidays to natural persons. The holidays can be granted if confirmation documents are available. At the same time the central bank recommends postponing the due date on loans.

The National Bank believes that because of the unfavorable epidemiological situation revenues of organizations and enterprises may shrink due to restrictions on their operation or their inability to work at all. Such enterprises may have to give their workers social leaves while paying part of the standard salary. Besides, many citizens may be forced to take unpaid leaves.

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