After a long time of waiting, Circular 14 amending Circular 01 has been officially issued, the time limit for restructuring debt repayment terms for customers will be extended by half a year compared to the old circular, until the date of issuance. June 30, 2022.
State Bank Headquarters. (Photo: SBV).
Today (September 7), the State Bank of Vietnam (SBV) officially issued Circular 14 amending and supplementing Circular 01/2020, providing for the restructuring of debt repayment terms, fee exemption and reduction, and keeping debt group to support customers affected by the COVID-19 epidemic.
Accordingly, the period of debts arising from lending and financial leasing activities is counted as meeting the conditions to be restructured, the repayment period will be extended for more than one year, before August 1, 2021. .
Along with that, the time to incur the obligation to repay the principal and/or interest to meet the debt structure is extended by half a year from January 23, 2020 to June 30, 2022.
In addition, the Circular also adds a case where the debt repayment term can be restructured when the outstanding balance of a debt arises from June 10, 2020 to before August 1, 2021 and is overdue from June 10, 2020. July 17, 2021 to before September 7.
Credit institutions must assess customers’ inability to repay principal and/or interest on time according to contracts and agreements due to a decrease in revenue due to the impact of the epidemic.
At the same time, the customer must also have a request for rescheduling of the repayment term and the credit institutions assess that the customer has the ability to fully pay the principal and/or interest according to the restructured repayment term.
The time limit for debt restructuring (including debt extension) is suitable to the extent of the impact of the COVID-19 epidemic on customers and must not exceed 12 months from the date the credit institution implements the debt restructuring or from maturity date of each debt balance is restructured according to the repayment term.
The implementation of restructuring the repayment term for customers will be carried out until June 30, 2022, extending half a year compared to the previous one.
Credit institutions will decide on the exemption and reduction of interest and fees according to internal regulations for outstanding balances of debts arising before August 1, 2021 from credit extension activities, except for bond purchase and investment activities. enterprise.
In which, the obligation to repay the principal and interest is due in the period from January 23, 2020 to June 30, 2022 and the customer is unable to repay the principal on time according to the contract. due to the decrease in revenue and income due to the impact of the COVID-19 epidemic.
The implementation of exemption and reduction of interest and fees for customers according to the provisions of the new Circular also lasts until June 30, 2022.
According to VietnamBiz
