New information for bank borrowers affected by storm No. 3

TPO - On December 10, the State Bank issued a Circular regulating the restructuring of debt repayment terms for credit institutions and foreign bank branches for customers adversely affected and damaged by storm No. 3.

TPO - On December 10, the State Bank issued a Circular regulating the restructuring of debt repayment terms for credit institutions and foreign bank branches for customers adversely affected and damaged by storm No. 3.

In order to support people and businesses in 26 localities affected by storm No. 3 and natural disasters after the storm, the State Bank issued Circular No. 53 regulating the restructuring of debt repayment terms and maintaining the debt group for customers.

The Circular clearly states that credit institutions and foreign bank branches are allowed to consider restructuring the principal and interest balance of loans and financial leases with principal balance arising before September 7, 2023 and debt repayment obligations arising from September 7, 2024 to December 31, 2025.

Storm No. 3 caused heavy damage in Quang Ninh and Hai Phong (photo: Hoang Duong).

The debt balance considered for restructuring is still due or overdue for no more than 10 days from the agreed payment due date. However, to support customers to have time to overcome the consequences after the storm, the circular allows the first consideration of restructuring for the debt balance overdue for more than 10 days in the period from September 7, 2024 to the end of 10 days from the effective date of this circular.

In addition, information from the operator said that the debt repayment period restructuring will be carried out until December 31, 2025 and there is no limit to the number of restructuring times.

The State Bank also requires credit institutions and foreign bank branches to classify debts and set up risk provisions for debts with restructured repayment terms.

This policy not only reduces financial pressure but also helps customers access new loans, restore production and business, and stabilize their lives.

The State Bank affirmed that it will continue to implement practical support solutions, contributing to helping the economy overcome difficulties and ensure social security.

Previously, when storm No. 3 passed, the State Bank sent a document to the leaders of credit institutions and directors of State Bank branches in provinces and cities about implementing solutions to support customers to overcome the consequences caused by storm No. 3.

The State Bank requires credit institutions to direct branches and transaction offices to proactively review and summarize the losses of customers who are borrowing capital to promptly apply support measures and remove difficulties (for customers such as restructuring debt repayment terms; considering interest rate exemptions and reductions, continuing to provide new loans to restore production and business after the storm).

Ngoc Mai

Source: https://tienphong.vn/thong-tin-moi-doi-voi-khach-vay-ngan-hang-bi-anh-huong-bao-so-3-post1699334.tpo