Romanians can further defer bank loan repayment

Romanians can prolong the loan repayment moratorium after the end of 2020, but the total moratorium period should not exceed nine months, according to an emergency ordinance passed by the Government on December 30.

Bank debtors were granted such a facility after the coronavirus crisis broke last spring.

Over half a million of them have relied on this facility to defer payments on loans totaling RON 42 billion (EUR 8.6 bln, 15% of the total stock of bank loans).

Debtors who haven't applied for this facility can do it now, prime minister Florin Citu announced as he presented the text of the ordinance, Digi24 reported.

Natural or legal persons must have experienced a decline of at least 25% in their incomes or revenues in the past three months before applying for this facility, compared to the previous year.

Applications are accepted by March 15 and should be processed by the end of March.

Under the loan repayment moratorium, the interest on principal incurred during the moratorium period is repaid with a zero interest rate over 60 months in equal installments.

(Photo: Sathapornnanont/ Dreamstime)