KARACHI: State Bank of Pakistan (SBP) on Wednesday said that around 80,368 borrowers availed deferment of principal repayment facility, which was granted considering outbreak of coronavirus.
The SBP said that under the relief package up till April 10, 2020 around 80368 borrowers benefitted from deferment of principal repayment worth Rs20 billion.
Additional Rs 1.4 billion has been restructured. Meanwhile, 5126 application were under process, the SBP said.
Previously, the SBP through a circular noted that banks and DFIs will defer the payment of principal on loans and advances by one year.
To avail this relaxation, borrowers should submit a written request to the banks before June 30, 2020.
They will, however, continue to service the mark-up amount as per agreed terms and conditions.
The deferment of principal will not affect borrower’s credit history and such facilities will also not be reported as restructured/rescheduled in the credit bureau’s data.
The total amount of principal coming due over the next year is about Rs. 4,700 billion.