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Financial institutions in Mexico supporting their clients through COVID-19 pandemic.
Financial institutions agreed through the Association of Banks of Mexico (ABM) to support their clients who are unable to meet their credit commitments due to the COVID-19 pandemic.
The impact of the measures that are being taken to prevent its spread are generating various activities in the economy, such as consumption, services, tourism, restaurants, disruptions in various supply chains, difficulties for companies and individuals to punctually fulfill their credit commitments.
The support that credit institutions will offer, in general terms, will consist of the following:
Home construction loans, as well as individual mortgage-backed loans, revolving and non-revolving loans directed at individuals, such as: automotive credit, personal loans, payroll loans, credit card and microcredit; as well as for commercial loans directed to companies, individuals with business activity in its different modalities, one of the following options will be offered with respect to the total amount required including accessories:
- Partial or total deferral of principal and / or interest payments for up to 4 months with the possibility of extending it to an additional 2 months, so that banks can choose up to six months in the way that is most convenient for each product or customer.
- Balances may be frozen without interest charge.
- The facility is applied for any modification to credit contracts that implies a change in the risk profile of the borrower or the operation and that does not imply a partial or total deferral of capital and interest of more than 4 months with the possibility of an additional 2 months.
- In the case of agricultural credits, credit institutions adhere within the scope of their competence to FIRA's “Permanent Program of Support for Areas Affected by Natural Disasters”, which contemplates the use of extensions, rescheduling, restructuring, consolidation of debts and technical assistance for up to six months in municipalities declared a disaster area.
The damages to the commerce, services and tourism sectors total 28 million MX$ a day throughout the country, according to data from the Confederation of National Chambers of Commerce, Services and Tourism.
The banking institutions that have announced support programs for their account holders are:
Launched a credit payment deferral program for a period of four months, this program will apply to products such as credit card, automotive credit, payroll, SME mortgage or personal.
The bank also offers up to 6 months without interest on purchases over 500 pesos in hospitals, health services and pharmacies.
That benefit will apply this month and in April. In order to access this plan, Banorte account holders must be up to date with their payments by March 20.
The institution will offer a grace period of four months in principal and interest for auto loans, mortgage loans, payroll loans, personal loans, credit cards, simple credit for SMEs and business credit cards.
It will implement a fixed payment plan to lower the amount of monthly credit card payments for customers who require it.
There will also be purchases with six months without interest when paying with credit cards in hospitals, sanatoriums, clinics and pharmacies.
Those who want to access the benefits must be current in the payment of the credits as of February 28.
Individuals, small and medium-sized companies may suspend the payment of credits for up to six months.
It will give grace periods ranging from six to twelve months in the payment of credits to small and medium-sized companies. They are the credits that are up to date with your payments, have a good credit history and that prove to be affected by the coronavirus will be able to access the benefit.
You will have four months grace to defer your mortgage, car, card, payroll and personal credit payments.
Those who have debts in the bank may defer payments for four months