Taking into consideration the extraordinary circumstances due to pandemic of Corona virus and possible difficulties of loan users to repay the loan obligations, Central Bank of Montenegro passed the Decision on interim measures to mitigate adverse effects of the new Coronavirus disease on the financial system, Official Gazette of Montenegro no. 019/20, (Decision), which includes possibility for interim suspension of all payments of loan obligations for users of Bank’s loan products on period of at least 90 days, i.e. until the Decision expiry.
Below are relevant information for clients of our Bank who are using some loan product and who want to obtain right on moratorium in accordance with the Decision.
During the moratorium Bank shall not:
- Calculate penalty interest on due but unpaid claims according to the loan
- Initiate enforcement procedure, i.e. enforced collection
- Take other legal actions to collect claims
- Change the conditions from the Loan agreement
- Perform calculation of days in delay
During the moratorium Bank shall:
- Calculate regular (contracted) interest, but shall not collect it
- Make calculations in accordance with the conditions from the Loan agreement
- Capitalize the calculated regular interest at the end of moratorium period (the interest shall be assigned to the debt and distributed evenly during the remaining maturity)
- After expiration of moratorium, maturity date shall be prolonged for the period equivalent to period which client has used for moratorium right
Moratorium shall be executed according to your electronic/written request for loan products that are addressed on your name.
User of the loan may submit the request for interim suspension of all loan obligations whenever decide to do so during moratorium period by submitting the Statement on accepting the moratorium.docx to e-mail address firstname.lastname@example.org or by sending the post to address Marka Miljanova no. 46, Podgorica. For additional explanations you can contact us on the phone number +382 (0)20 680 951.
Bank shall execute the moratorium latest within five working days from the day of receiving the request.
Moratorium shall last until Central Bank of Montenegro passes the Decision about the expiry of the Decision on interim measures to mitigate adverse effects of the new Coronavirus disease on the financial system.
If you repay the loan obligations via administrative ban:
If you repay the loan obligations via administrative ban, and if you want to suspend the repayment, it is necessary that you send the request also to your Employer to make suspension of execution of administrative ban for repayment of obligations that you have in Adriatic Bank AD Podgorica.
If you do not want the suspension of repayment of loan obligations:
It is not necessary to take any steps. Your obligations will mature in accordance with current loan repayment plan and your loan repayment shall be regularly registered by the Bank.
Adriatic Bank AD Podgorica