Customers Get Relief On Bank Installments & Credit Card Payments

State Bank of Pakistan (SBP) has announced a payment relief to bank customers who are worried about paying installments of banks against auto finance, housing finance, personal loans, and credit card payments.

According to the State Bank of Pakistan, customers who were regular on their payments up till 31 Dec 2019 can request banks to defer the principal amount of installments up to 1 year without any fee or increase in mark-up rate.

They will continue to service the mark-up amount, the SBP added.

The decision was taken to give relief to customers in testing times when the economic slowdown in tandem with Coronavirus pandemic caused the unemployment and sudden decline in income of the self-employed group across the country.

A significant section of the customers is likely to benefit from the scheme particularly when interest rates saw a reduction and the principal payments could be deferred by up to one year.

Bank customers, who are unable to service the mark-up amount or need deferment exceeding one year, may request the bank to reschedule their facilities.

Borrowers can request for deferment or principal amount of rescheduling of loans by calling from the registered number or from their authorized email addresses, SBP further added.

If the rescheduling/restructuring is done within 180 days of the loans being past due, such financing facilities will continue to be treated as regular.

The deferment of the principal component in installments or rescheduling or restructuring shall not affect the credit history of the borrower and therefore it should not be reported in the ECIB/ private credit Bureau as restructuring.

  • How to avail this facility. I contacted the bank helpline and they denied to have this kind of facility.

    • They will deny because abi just news break hui hai, is ka pura formula ministry of finance r state bank na nai dia, with in 2,3 day sub clear ho jaye ga, inkar bhi karaian tu ap written request da ka recieve kar laian ho jaye ga inshallah.! Sub ka sath ek he saluk ho ga bhai dn worry

  • just called and they said we will get a notification in few days there is no relief yet

  • please leave a comment if any news regarding credit card and vehicle leasing payments is available.

  • I called the Bank and talked about the Relief Program announced by the State Bank and they Denied about this. Government needs to inform or Announce officially to the banks so they could not denied to claim such announcements.

  • What about the bank staff auto and home finance installments ? Any guidelines for same relaxation on staff financing ?

  • What the SBP notification reference number so that Bank may be contacted for getting releaf in payment of credit card installments.

  • Notification to this effect may be issued otherwise Commercial Banks will deny lately

    • ERD/M&PRD/PR/01/2020-32 March 26, 2020
      SBP and PBA issue Relief Package
      for households and businesses to cope with impact of COVID-19 Pandemic

      SBP has issued a letter to all banks so use this letter as reference.

  • im paying installments for car since 1 and half year can anyone brief me what state bank id i should cc in email and what should the bank alfalah email id? sorry i dont have any info about these

  • I am also a credit card holder of diffrnt banks and i am so worried regarding bills payment bcoz they are emailed my a march month bill with due date and minimum payment amount which is regular form nothing yet any call or msg regarding releif …!

  • Any update regarding credit card payment relief by SBP, Commercial banks denying to get any notification from SBP.

    • ERD/M&PRD/PR/01/2020-32 March 26, 2020
      SBP and PBA issue Relief Package
      for households and businesses to cope with impact of COVID-19 Pandemic,

      Above is the reference number of letter from SBP to all banks.
      They are bound to give relief.

  • Yar mra sth b msla ha personel loan b lya ha aur cradit crd ka b ya ho jai to kch arm se repayment kr skain

  • Microfinance finance banks k Jo loans Hain…Kia ya packay un loans pa bhi apply ho ga?

  • What about PTCL bills?
    We have received the PTCL bill (with the mentioned penalty) in case of late payments.

  • I belong to tehsil noorpur thal district khushab punjab pakistan . In my area NRSP microfinance bank are calling today to its customer to pay instalment . What should we do if they tease us for instalment.

  • So if we are giving installment of 50k in which bank is taking 25k as profit and 25k as principal. We can request bank not to take 25k principal and only take 25k profit ? Can someone explain.

  • Dear:sir/Madm. I’m from Hyderabad ìn our area Qasimabad a trust working on micro credit loans but they are not following Govt. Discition and calling to peoples to pay thier loans so kiñdly brief me about that how they can stop and follow the discition.

  • As per SBP announcement, initially to decrease the mark up down to 11% I asked the the BAL but they denied of such rumours and they don’t know. Then the next announcement by the SBP rescheduling/ restructuring of loans, Differing the loans instalments according to which the only the Mark is to be paid for years and the payment of principal amount should be deferred for one years. But they don’t attend the calls even their personal mobile calls. I don’t know whom to contact???

  • Privite banks not following state bank’s new loan repayment policy.. governor state bank should take notice

  • sir, i have credit card of Al falah and i asked about relief policy but they are deny from your policy.
    how can i apply for it..

  • Dear concerned, pl guide the procedure for applying relaxation in payment of credit cards etc becoz people are unable to pay due to shutting down of our businesses.. in this situation plz help us and guide us.

  • Sir, let me clarify that this facility is also available against loan availed by employee against their salary’s.

  • میں نے پنجاب بنک سے رابطہ کیا تھا انیوں نے بتایا کے ایک سال مارک اور انشورنشن کی رقم دینا ہوگی اواگلے سال دوبارہ پرنسپل امیونٹ پر مارک اپ اور انشورنش دینا پڑے گی کیا ریلیف کے نام پر بنک کی لوٹ مار ہے ۔کیا یہ بہتر نہ تھا کے دوبارہ صرف پرنسپل امیونٹ دینا پڑتی ۔ش

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