Loan Repayment Holidays: How SME Clients Can Receive a Grace Period?

Dear clients,

If the current lockdown restrictions have had an adverse effect on the financial health of your businesses, then you should be aware that: 

From April 1 to June 30, 2021, Jusan Bank JSC will continue to accept applications for an up to 3-month grace period from its clients in respect to loans received for business purposes. No fees or penalties! No impact on your credit score!

 

You are eligible for a grace period, if:

  • you are a micro or small business entity and your activities relate to an industry that has been classified as an affected one (the full list is available through the link),
  • your business is a medium-sized enterprise and you can verify the deterioration in your business' financial standing due to the current lockdown restrictions.
  • your loan was issued before April 1, 2021.

 

How to obtain a grace period?

Step 1 – The Client. An application for a grace period shall be submitted to the Bank during the period from April 1 to June 30, 2021.  The application may be prepared in any format and shall be emailed to your Credit Manager or submitted during your visit to a Bank branch. If you are a medium-sized business, documents evidencing the deterioration in your business' financial status are to be attached additionally to your application.

Step 2 – the Bank. The Bank shall consider the submitted application within fifteen (15) calendar days after receipt thereof. 

 

How the grace period works:

  • A grace period is to be granted without execution of any supplementary contracts to the loan agreements.
  • In the result of a grace period, an updated repayment schedule will be determined to distribute evenly instalments deferred earlier up to the loan maturity date or to prolong the loan term by the grace period. No instalments paid by the borrower before the grace period is granted, will be refundable.

 

For more detailed information, please call your Jusan Bank Credit Manager at any time or our 24/7 Call Center at 7711 (toll free from mobile phones).

Sincerely yours, 

Jusan Bank


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