Extension of the deadline for forgiveness of late payment of bank debtors until September

Extension of the deadline for forgiveness of late payment of bank debtors until September

According to the circular issued by the Ministry of Economy to the state-owned banks, the deadline for the forgiveness of the late payments of the bank debtors has been extended until the end of September.

If the debtor settles the entire amount of his debt in cash, the bank is obliged to include 6% of the amount of the late payment obligation in non-Qarz Al-Hosna facilities and 8% of the amount of the late payment obligation in the Qard Al-Hosna facility. Forgiveness

In facilities with multiple installments where part of the installments are overdue, only by collecting the overdue debt amount (not necessarily the entire contract debt), the fines will be completely forgiven and the rest of the installments will be collected on the predetermined dates.

If a person is only able to pay a part of his debt and asks the bank to defer the remaining balance, subject to the payment of at least 50% of the debt as an advance payment, in proportion to the amount paid, late payment penalties will be forgiven and subsequently at the end During the moratorium period, if the entire debt is paid, the penalties for the remaining moratorium installments will also be forgiven.

This post is written by shadmanamini