The Superintendence of Banks of Ecuador presented a proposal to the Junta de Politica y Regulación Monetaria y Financiera to implement a mechanism of financial relieve for clients of the financial sector.
The proposal includes the possibilities by request of a user, to modify the previously agreed conditions in the credit operation and to adequate the payment schedule according to financial capacity. For this effect, the entities shall demonstrate the clear probability to retrieve the refinanced credits and to establish management politics and accounts that will be supervised.
Nevertheless, some entities have started programs to face a new reality. Julio Jose Prado, the speaker of the Bank Associations, informed that the rest of private entities will inform directly the measures they adopted.
Prado said that digital channels are being enabled to approach automatically. “In some cases, a telephone will be needed for signatures and authorizations”. We are considering with the Bank Association to simplify the norm and do everything online.”
Banco Pichincha, will differ three payments and will extend the deadline in three months for those microcredits and productive credits of small companies. Also, it will differ up to three payments for a home mortgage. And, by expressed request of clients, it will extend the payment deadline and credit of the credit card holders, and it will give refinancing solutions for the other debts depending on each case.
Banco Guayaquil, started to hire vulnerable clients in this emergency. In credit operations, it will be extended up to 12 months, including two grace months. Credit cards, the total credit will be differed up to 18 months, including two grace months. And, it will attend personal cases that require a refinancing plan to offer a better alternative based on each need.
Produbanco, offers personal credits, home mortgage, microcredits, and PYMES: starting the maturity of march, 3 payments will differ without additional charges. In case of not requiring it, the payment will be as usual.
Credit cards; the entity, starting from the payment that must be made in March, it will offer two grace months; during this time, the bank statement will show a minimum payment of USD 0. In case of not requiring it, the payments will be as usual. In commercial credits, each case will be analyzed. And, companies and PYMES, they will take the requests of refinancing of credits, depending on each case.
Banco Internacional, will also take refinancing requests, depending on the needs of each company case. Personal and home credits, for those who request it; the payments for March and April will be postponed for up to 60 days.
Starting March 17th, these obligations will not generate charges for arrears nor collections expenses. Credit Card payments that had to be done in March and couldn’t be done, will be postponed for two months, and will not generate interest for arrears nor collection expenses.
Banco Pacífico, will postpone the credits up to 60 days. Personal, microcredits and to small companies. Furthermore, it will differ without charge for arrears to the end of the period originally agreed, it will apply to refinance the rest of the debts as to each case.
BIESS, will refinance mortgage credits in arrears, up to 18 months of grace and 30 years’ deadline. And, it will grant emergency credits. These will be up to $2500, to three, six, nine months’ deadline and interest rates of 6,5 and 8,5%.
The EcuaAssist team
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