National Bank announces six-month suspension of loan repayment plans

📉 Individuals, Small and Medium-Sized Enterprises (SMEs

National Bank announced that bank customers of individuals and SMEs will be allowed to delay repayments, including home and car loans.

• Measures regarding automatic deferred loan repayment will take effect from April 1, for a maximum of 6 months. To enjoy this delayed amortization period, lenders must not default on the bank for more than 90 days before April 1.
• It is important to note that interest / profit will continue to accrue and borrowers will need to repay deferred payments in the future. Individuals and SMEs who do not want or need to take advantage of this delayed loan, they can contact the relevant bank to continue to pay the current loan method.
• The Bank of China recommends that financial institutions should provide individuals and SME lenders with sufficient information on how to suspend repayment during the Moratorium period.
• This measure does not include credit card arrears. The Bank of China stated that, as for the card debt, financial institutions must offer cardholders to convert the arrears into term loans of up to 3 years with annual interest not exceeding 13%.

📈 Corporate Borrowers

Loans / Financing for Businesses • Businesses can also discuss with banks to make appropriate debt restructurings based on their business conditions. This measure will give businesses the ability to continue their business.
• Relevant companies can contact banking institutions to discuss restructuring of their repayment plans and credit arrangements.

国家银行宣布： 6个月暂停还贷计划

📉 对个人和中小型企业的贷款/融资

• 国家银行宣布，个人和中小型企业的银行客户，都将获准延迟还贷，包括房贷和车贷。
• 有关自动延期还贷的措施将从4月1日起生效，最长6个月。要享有这次的延迟摊还贷款期限，借贷人须在4月1日之前不得拖欠银行超过90天。
• 需要留意的是利息/利润将继续产生，将来借款人需要偿还延期还款。不希望或不需要利用这延迟贷款的的个人和中小型企业，他们可以联系有关银行，继续付当前的贷款方式。
• 国行建议金融机构应该向个人和中小型企业贷款者提供充分的的资讯，即如何在贷款延迟供期间，暂缓还贷。
• 这项措施并不包括信用卡欠款。国行表示，至于卡债，金融机构必须献议持卡人，将欠款转换成不超过3年的定期贷款，年利息不超过13％。