Procedure for getting loan repayment period extension to be simplified

In order to eliminate the problems related to the repayment of loans caused by the coronavirus pandemic, credit institutions will introduce a simplified procedure for considering the applications for extension of the loan repayment period, the Central Bank’s press service said.

Photo: Central Bank

It was noted that the extension will be guaranteed for individuals and businesses after submission of an application, which includes:

- substantiated explanation of the reasons for the extension of loan payments;

- the obligation of the debtor to formalize changes of the loan agreement in accordance with the current legislation during the period after the quarantine, specified by the credit institution.

“In case the additional documents are not provided within the specified period after the quarantine, the amendments to the loan agreement will be canceled by the credit institution and the terms of the original agreement will come back into force,” the statement said.

It was noted that commercial banks are creating systems to receive applications remotely. These services will be further announced on their websites and social media.