YEREVAN, April 9. /ARKA/. Citing the coronavirus crisis and aiming to mitigate its consequences for its customers, Unibank said today it will extend the free loan repayment schedule until May 31, 2020. According to a bank’s press release, after that the following changes will be made in the loan repayment schedules.
The deadline for repayment of unsecured consumer loans provided to individual customers will be extended by 6 months, and payments on principal amounts and interest due to be repaid according to the established schedule from March 16 to May 31 will be proportionately distributed for the remaining loan term.
The same date in June, which was set according to the current schedule, will be considered as the next repayment day for these loans. For example, the first payment by a client whose repayment was scheduled for March 20th should be made on June 20th.
This is considered to be a public offer, and all the clients who will make their first payment after this procedure on May 31 will be regarded as customers who agree to these conditions.
“All those customers who will not want to take this opportunity, should notify the bank of the refusal in the form of a written statement,” the bank said.
The final repayment term for loans granted to legal entities and individual entrepreneurs, as well as secured loans provided to individuals, will be extended by 6 months, and payments on principal amounts and interest due to be repaid according to the established schedule from March 16 to May 31 will be proportionately distributed over the remaining loan term.
“Those customers who want to take advantage of the opportunity provided by the bank, should submit a written application, starting from May 1, 2020, to conclude the corresponding agreement,” the bank said.
Unibank is the first bank in Armenia to have placed shares through an initial public offer (IPO) and having them listed on the stock exchange. In July 2019, the Moody’s Investors Service approved the Unibank rating at B2; the outlook is stable.
Armenian declared a 30-day state of emergency on March 16 to contain the spread of coronavirus. A week later it imposed stringent restrictions on free movement of people and banned also some types of economic activity until April 12 inclusive.
As of April 9, some 921 confirmed cases of coronavirus were reported in the country, some 138 patients were said to have recovered and ten people died. -0-
