FactFile Big Announcement: Now, Pakistanis can defer loan payment for one year

Now, Pakistanis can defer the principal amount of loan payments for one year. Pakistani State Bank has made the big announcement.

All the borrowers are included in this announcement. It includes auto loans, housing loans, personal loans and credit card payments. It is of course conditional that the loan payments have been paid in time until 31 December 2019.

If anyone needs more than one year, they can request the State Bank of Pakistan to defer for longer. The following link provides the details on how you can avail this facility: http://www.sbp.org.pk/bprd/2020/CL14.htm

And the good news is that it will not affect the credit history of the borrower.

If you want to avail this facility, you need to inform your bank. The borrower must use the official number or email address for communication with the bank, which is available with bank.

State Bank of Pakistan has announced it on its social handles:

(1/4)Borrowers availing consumer finance (auto, housing, personal loans, credit card)& who were regular on their payments up till 31Dec19 can request banks to defer principal amount for 1 year without any fee or increase in markup.They will continue to service the mark-up amount.
— SBP (@StateBank_Pak) March 30, 2020