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How to Get Loan Relief on Credit Cards, Auto Finance & Personal Loans During Lockdown

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Worried About Loan Payments? Find out how to get loan relief on credit cards, personal loans, auto finance loads and other loans in Pakistan, during CO-VID 19 crisis.

With economies across the world crumbling due to the widespread pandemic, jobs and businesses are facing an unprecedented reality that they might fail to keep up the operations if the lockdowns continue to prolong. And keeping with the alarming situation in mind, State Bank of Pakistan (SBP) has come up with a relief payment scheme to make things easier for people who might lose their jobs and receive salary cuts from employers, becoming financially unable to pay back loans availed from banks under different heads of consumer financing— housing and auto finance, personal loans and credit cards.

SBP’s Twitter is constantly updating everyone on the latest schemes it is working on to assist and help people regarding loan repayments and much more.

“Borrowers who are unable to service the mark-up amount or need deferment exceeding one year may request the bank to reschedule/ restructure their facilities,” SBP added.

“In case, banks/DFIs decide to decline the request of the obligor, they will record reasons for this decision in their response to the obligor,” it notified. The banks/DFIs would also submit the details about deferments granted by them to their borrowers at the end of each week to Director, Off-Site Supervision and Enforcement Department (OSED) SBP.

Loan Repayment Rescheduling

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.

Loan Relief Schemes

There are two types of schemes for customers under this relief.

  1. 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.
  2. 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.

Find out more information on SBP’s website here.

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