During the epidemic prevention and control period, the income of some people was affected, and what if they failed to repay the loan at once? Several banks said that they would provide policy support such as deferred repayment for specific groups affected by the epidemic.
As early as 2020, the people’s Bank of China, the Ministry of finance, the Chinese Banking Regulatory Commission, the Securities Regulatory Commission and the State Administration of Foreign Exchange jointly issued the notice on further strengthening financial support to prevent and control New Coronavirus’s epidemic of pneumonia, and asked financial institutions to improve the financial services of the people’s livelihood areas affected by the epidemic. It is mentioned that for those hospitalized or isolated due to infection with new pneumonia, those who need to isolate observers for epidemic prevention and control, those who participate in epidemic prevention and control and those who temporarily lose their source of income affected by the epidemic, financial institutions should give appropriate preference to credit policies, flexibly adjust personal credit repayment arrangements such as housing mortgage and credit card, and reasonably postpone the repayment period.
The following are the policy adjustments of some institutions for your reference:
Bank Of Communications Co.Ltd(601328) : for medical staff and government staff involved in epidemic prevention and control, confirmed patients, isolated personnel (including isolated observers), suspected patients, spouses of the above-mentioned personnel and other personal loan customers, provide repayment policy support, and give a grace period of 3 months as appropriate. For individual loan (including housing loan) customers affected by the epidemic and whose repayment ability has temporarily decreased, BOCOM can give certain grace period and credit investigation and relief support according to the policies during the epidemic prevention and control period.
Ping An Bank Co.Ltd(000001) : for customers with temporary repayment difficulties caused by the epidemic, the collection will be stopped, and the interest and penalty interest will be reduced according to the severity of the epidemic; Provide credit investigation and protection schemes for customers who have temporary repayment difficulties due to the epidemic situation Ping An Bank Co.Ltd(000001) auto consumer finance center also launched a relief policy for customers affected by the epidemic, and issued the notice on deferred repayment and credit investigation protection policy affected by the epidemic, which can apply for loan extension. The deferred repayment of customers will be extended to May 20, and customers can apply through the auto finance sub center; After the extension, Ping An Bank Co.Ltd(000001) will also provide customers with plans such as extension or loan restructuring to further alleviate the pressure of customers’ monthly repayment.
Shanghai Rural Commercial Bank: for retail loan customers and credit card customers whose repayment ability has temporarily decreased due to the epidemic, a certain repayment grace period and credit investigation and relief support shall be provided, which shall be subject to the actual situation of customers.
China Construction Bank Corporation(601939) : customers who cannot make normal repayment due to epidemic and other special reasons can go through the green channel of credit investigation objection and apply for the elimination of bad credit investigation.
people’s Bank of China Shanghai Branch: according to the relevant provisions of the people’s Bank of China, individuals and enterprises who have temporarily lost their source of income affected by the epidemic can submit their credit records according to the adjusted repayment arrangements. For those who are hospitalized or isolated due to covid-19 pneumonia, those who need to be isolated for observation and epidemic prevention and control, and those who participate in epidemic prevention and control who fail to repay in time due to the impact of the epidemic, the relevant overdue loans may not be reported as overdue records after being recognized by the access institution, and those that have been submitted shall be adjusted.
If the borrower fails to repay the loan in full within one (7) month before the withdrawal of the loan from the provident fund management center, the borrower shall reserve the loan in time. The borrower is requested to deposit sufficient funds for repayment through commercial bank outlets and online channels.
