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Banks defer loans amounting to Rs236b for one year

Banks defer loans amounting to Rs236b for one year

KARACHI: Banks have deferred loans amounting to Rs 236 billion for one year as the State Bank of Pakistan (SBP) has introduced a scheme to bail out business community after COVID-19.

According to details, some 303,000 borrowers as of April 24 have availed the facility which has been introduced to help overcome lockdown-driven financial hardships.

Borrowers benefiting from the SBP’s relief package will get extension in loan principal repayments by one year. The SBP further said that benefits to 5,126 applications are under process.

Let it be known that the borrowers are needed to submit a written request to the banks before June 30, 2020 to avail the relaxation.