Abb Takk News

SBP Announces Big Relief for Creditors

ISLAMABAD: The State Bank of Pakistan on Tuesday announced that coronavirus outbreak has badly affected the economy and individual costumers therefore, the SBP has decided to defer their loan payment for one year.

According to the circular, the consumers who have lent vehicles, houses, personal loans, and credit cards can get the advantage from the facility announced by the SBP, however, the consumers who had paid their bill till December 31 can avail the facility.

The circular mentioned that no surcharge or interest will be charged on the defer of payment but banks can only receive profit or interest during the period while the consumers who can’t pay interest or profit can submit a plea for restructuring. It also mentioned that it will not affect credit history.