NBMFCs allowed deferring loan repayment for one year

ISLAMABAD: Securities and Exchange Commission of Pakistan (SECP) has allowed non banking microfinance companies (NBMFCs) to defer loan payment of borrowers for one year.

The SECP issued circular No. 21 of 2020 on Monday and allowed that NBMFCs may, upon a written request of a borrower received before September 30, 2020, defer repayment of principal loan amount by one year, provided that the borrower will continue to service the mark-up amount as per agreed terms and conditions.

The SECP issued circular 09 of 2020 dated March 31, 2020 to allow three months’ extension in time to NBMFCs for accepting borrowers’ requests to defer repayment of principal loan amounts.

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