Time extended to repay loans rescheduled under relaxed rules
Bangladesh Bank has extended the loan repayment deadline until December this year for borrowers who had rescheduled their defaulted loans under relaxed rules issued in 2019.
In May 2019, the central bank allowed defaulters to enjoy a waiver of their whole unrealised interest if they applied to pay back their loans within one year by giving a 2 per cent down payment.
But, a good number of clients have failed to pay loan instalments in time due to the ongoing economic hardship brought on by the coronavirus pandemic.
The clients also enjoyed moratorium facility throughout last year, after which the central bank extended the time by another six months until June to repay the loans under the one-time exit facility.
The clients will enjoy the relaxed rule if they repay their entire loans within December this year, according to a BB notice.
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