Lahore: The State Bank of Pakistan (SBP) has offered a one-year extension on the loan repayments of various refinancing schemes — with this initiative a part of its relief measures during the COVID-19 pandemic, a news source reported.
The extension on the loan repayments will apply to schemes availed by the consumer, corporate, small and medium business enterprise (SME), agriculture, and microfinance sectors. Under this offer by the SBP, the repayment schedule will be extended by one year. However, the borrowers will continue serving the mark-up during the principal-deferment period.
SBP sources have revealed that if the borrowers are unable
to service the mark-up payments, the banks or development finance institutions
(DFIs) may restructure the loan repayment schedule so that it becomes extended
by one year beyond the existing maximum tenure for the respective loan scheme.
According to the details available, the borrowers of the SBP’s refinance schemes and their shariah alternatives would benefit from this extension on the loan repayments. These include:
Refinance facility for modernisation of SMEs
Long-term Financing Facility (LTFF)
Refinance and the Credit Guarantee Scheme for
women entrepreneurs
Refinance Scheme for working capital financing
of Small Enterprises (SEs) & Low-End Medium Enterprises
SE Financing and Credit Guarantee Scheme for
special persons
Financing Facility for Storage of Agricultural
Produce (FFSAP)
The SBP continues to review challenges for the financial sector amid the COVID-19 pandemic, and to provide relevant relief measures. The central bank has also recently extended it relief package to households and businesses impacted by this global crises.
