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The National Bank of Serbia has made a decision on new benefits for citizens and entrepreneurs who have a loan or lease and who have problems with repayment. This regulation came into force yesterday and, among other things, enables a six-month grace period for citizens, farmers, entrepreneurs and companies.
So now, instead of the moratorium, which was offered twice this year as an aid in repaying the loan, a grace period is offered as an option, so that debtors do not have to repay the monthly installments owed for half year. It is observed that the monthly obligations of the clients after the expiration of these 6 months should not be greater than before the approval of the benefits.
Grace period instead of moratorium
And how does it look in practice? The NBS establishes that “during the grace period, the bank calculates the interest, so the debtor, in the application itself, decides whether to pay interest during the grace period or after it expires.”
This practically means that the grace period will not be entirely “grace” if the user decides to pay interest during its duration, but even more interesting is the calculation according to which the overdue installments are paid after they are due, so that “the The debtor’s monthly obligations are not higher than those of the repayment plan before relief is granted.
In particular, such a solution is only possible if the banks approve the extension of the debtors of the repayment period for the grace period, because only the unpaid obligations can be distributed in sufficient installments so that the monthly obligations do not exceed the level before granting the Benefits.
For example, if your monthly payment for a mortgage loan is 300 euros, of which 150 is the principal and 150 is the interest, you will owe the bank 1,800 euros after a grace period of 6 months. The only way for the bank to collect that debt, without the monthly payment being higher than before the tax relief, is by refinancing the loan so that you end up paying it for 6 more months with the same installment, that is, under the same conditions.
Therefore, it will not be possible for the option in force after the moratorium to divide the interest due by the number of remaining installments, because that would increase the monthly obligation.
How to apply?
That is, banks and financial leasing providers will publish a notice on their website and in their branches no later than December 22 of this year, informing debtors about the possibilities of submitting repair requests, as well as the conditions that they must comply with in this regard.
Customers can submit a request for benefits both electronically and by mail, as well as in business premises until April 30, 2021, and the request will be notified within 30 days of the date of receipt.
Who is entitled to benefits
The exemptions provided by the decisions refer to the rescheduling and refinancing of loans and financial lease liabilities, with the approval of a six-month grace period and the corresponding extension of the repayment period, so that the debtor’s monthly obligations do not exceed those of the amortization plan.
The same applies to credit card users and allowed overdrafts, where facilities may mean that the bank approves a loan to refinance liabilities based on these products with a grace period of six months and an agreed monthly payment.
Unlike the first package of measures, when all debtors were entitled to relief, the NBS has now set priorities, but has also left room for banks to assess who needs help. The NBS estimated that the need for benefits is especially for the unemployed, then debtors whose average net monthly income in the last three months is below the average salary in Serbia, as well as debtors with average net monthly income in the last three months up to 120,000 dinars, whose income is less than 10 percent or more compared to the period before March 15, 2020 and whose credit indebtedness is more than 40 percent of those income
For farmers, entrepreneurs and companies, it is estimated that relief in the repayment of liabilities should be offered especially to debtors who in 2020 had a decrease in operating income, that is, turnover, of at least 15 percent compared with 2019 or there was a break in the debtor’s business continuously for at least 30 days due to a pandemic.
Furthermore, debtors who are more than 30 days late in the repayment of a substantially significant amount based on any obligation (loan, lease, card) to which the decision applies, will be entitled to the established repair.
“In addition to the above, banks and financial leasing lessors have the opportunity to grant relief at the reasoned request of the debtor, if due to other facts and circumstances they assess that the financial situation has deteriorated and it is impossible to settle the debtor’s obligations,” he says the NBS.
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