The loan defaulters, who were granted special loan rescheduling or 'one-time exit' facility under a central bank scheme, known as the loan-restructuring facility, will get time extension to repay their outstanding loans until December 31 of this year, according to a Bangladesh Bank (BB) circular -- issued on Monday.
In 2019, the central bank allowed the defaulters to enjoy a waiver of their whole unrealised interest, if they applied to pay back their loans within one year by giving a 2.0 per cent down payment.
Under the facility, such defaulters got loan payment deferral facility for instalments, which were overdue between January 1 and December 31.
A good number of clients, however, failed to pay their loan instalments in time due to the ongoing economic adversity amid the Covid-19 pandemic. Some, however, failed to pay instalments even before the pandemic violating the provisions of the facility.
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 would enjoy the relaxed provision now, if they repay their total loans within this December, according to the BB circular.
On May 16, 2019, the defaulters were allowed 10-year loan repayment tenure, including one year grace period, through payment of 2.0 per cent of their loans as down payment.
Apart from the rescheduling for 10 years, the BB also allowed settlement of defaulted loans under the scheme, allowing the defaulters to enjoy interest waiver for the preceding period of loan settlement.
A BB circular issued on the day said the loan payment deferral facility would be applicable for the defaulters who received the rescheduling facility on easy terms.
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