Notice of a new set of measures for physical persons in order to reduce the negative effects of the infectious disease epidemic COVID 19
We would like to inform you that, in accordance with Decision Amending the Decision on Interim Measures to Reduce Adverse Effects of the Communicable Disease Covid-19 Epidemic on the Financial System, Loan users:
- Physical persons whose employment was terminated on 31.03.2020 or later as a result of the epidemic COVID 19, have the right to a moratorium for a period of six months if on 31.12.2019 they did not have any delay in repaying the loan for more than 90 days, and the loan on that day was not classified as non-performing assets.
The moratorium includes a temporary suspension of all loan payments (principal, interest, default interest, fees, etc.).
The loan user who intends to achieve the right to a moratorium is obliged to submit to the bank, in electronic or written form, a request to establish a moratorium, and the Bank will within 15 days from the date of receipt of the request take the necessary actions to implement the moratorium including conclusion of the annex to the contract with loan user – loan applicant.
All costs related to the maintaining and implementation of the moratorium (loan processing, conclusion of the annex to the collateral agreement, certification of the agreement, etc.) shall be borne by the Bank.
- Physical persons whose earnings are reduced on March 2020 or later for at least 10% as a result of the negative impact of the epidemic of infectious disease COVID 19 are entitled to loan restructuring, in terms of extending the repayment period.
Restructuring is performed at the request of a physical person, as follows:
- For persons whose net salary before the reduction was EUR 550.00 (which is slightly higher than the average salary in Montenegro) or more, the restructuring is carried out if, after reducing the salary and paying the loan installment, the remaining available amount is lower than 220.00 euros (which is at the level of the minimum salary in the country). For this category, through restructuring, the loan repayment period will be extended so that the amount of the unburdened part of the salary, after the change of the loan repayment plan, will not be less than 220.00 euros.
- For categories of loan users whose net salary, before the reduction, was below EUR 550.00, the loan repayment period will be extended so that the amount of unburdened part of salary, after changing the loan repayment plan, is not less than the amount of unburdened salary before reducing the same.
The Loan user who intends to achieve the right to loan restructuring is obliged to submit to the Bank, in electronic or written form, a request to change the loan repayment plan, and the Bank will take action necessary to implement the change of the repayment plan no later than 15 days from the date of request receipt, including the conclusion of annexes to the contract.
All costs related to the realization of a new loan repayment plan (loan processing, conclusion of annexes to the collateral agreement, certification of the agreement, etc.) shall be borne by the Bank.