State Bank of Pakistan (SPB) has extended its relief package to borrowers availing loans under Refinance Schemes.
According to the details, State Bank has allowed similar relaxations, as provided under the relief package, on its concessional refinance schemes. Under various refinance schemes loans are provided with preferential terms and conditions to promote growth in priority sectors of the economy.
In a Press release SBP stated that the relaxation allowed for deferment in repayment of principal amount for one year for corporate, consumer, agriculture, SMEs and microfinance sectors, will now be available on financing of banks/DFIs under SBP’s refinance schemes as well. With this deferment of principal, the complete repayment
schedule/tenor of the loan will be extended by one year.
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SBP further said that the borrowers will continue servicing their mark up during the period of principal deferment. In case borrowers are not able to service mark‐up payment, banks/DFIs may reschedule/restructure the loan in such a manner that tenor of the loan can go up to one year beyond the existing maximum tenor of the respective scheme.
Borrowers of SBP’s following Refinance Scheme for Working Capital Financing of Small Enterprises and Low-End Medium Enterprises; Small Enterprise (SE) Financing and Credit Guarantee Scheme for Special Persons are also included and their Shariah alternatives would benefit from this relaxation:
- Long Term Financing Facility (LTFF)
- Financing Facility for Storage of Agricultural Produce (FFSAP)
- Refinance Facility for Modernization of SMEs
- Refinance and Credit Guarantee Scheme for Women Entrepreneurs
- Refinance Scheme for Working Capital Financing of Small Enterprises and Low‐End Medium
Enterprises - Small Enterprise (SE) Financing and Credit Guarantee Scheme for Special Persons
Advertisement2/4 Borrowers from corporate, consumer, #agriculture, #SMEs and microfinance sectors can avail deferment of principal amount for one year while continue servicing mark up. They can also apply for rescheduling/ restructuring if they are not able to service mark-up payment.
— SBP (@StateBank_Pak) April 3, 2020
4/4 Refinance Scheme for Working Capital Financing of Small Enterprises and Low-End Medium Enterprises; Small Enterprise (SE) Financing and Credit Guarantee Scheme for Special Persons are also included. See details here: https://t.co/KVaz00qjID
— SBP (@StateBank_Pak) April 3, 2020
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