Liberty Bank offers a grace period on loan obligations to customers affected by the pandemic who have lost income or lost their jobs due to customer care and the situation in the country. The second stage of the automatic grace period can be used by:
- All customers who are registered in the Revenue Service database and receive compensation from the Government of Georgia
Automatic grace period applies to only the loan liabilities of individuals (other than entrepreneurial individuals) that were active as of March 14, 2020, have at least 1 payment date from June 1 to August 30, 2020, and as of March 14, did not have any loans that were Overdue for more than 30 days;
In case the customer does not want to use the condition of the automatic grace period, he / she will be able to register the refusal until June 30 through the following channels: ATMs, Internet / Mobile Banking, Remote Service Center, Any Liberty Service Center and Service Banker.
The automatic grace period does not apply to: Pawnshop loans, deposit loans, loans issued within the frameworks of 'Produce in Georgia' and 'Preferential Agro Credit' programs, and business loans to individuals with a current liability of more than GEL 100,000 (the latter can be considered on an individual basis).
According to the decision of Liberty Bank, within the framework of the social responsibility program #Libertygulit, in order to take care of the customers and alleviate their loan obligations, the second stage grace period will also apply to:
- Customers who have significantly reduced or lost income and this is identified by the bank;
- Consumers who benefit from social loans and overdrafts (including pension loans and overdrafts), namely:
Social loans: From June 14 the principal amount of the loan schedule will be postponed and from June 14 to August 14 the borrowers will pay only the accrued interest for the current month. The loan repayment period will be increased so that the monthly payment under the loan repayment schedule prior to the pandemic does not change.
Social overdrafts: During June 14, 2020 - August 14, 2020, customers will pay only the accrued interest for the current month. As for the interest tax accumulated as a result of the March 14 - June 14 deferral - it will be repaid after the end of the second stage grace period in such a way that the monthly payments do not increase significantly.
Liberty Bank will also offer the business borrowers to benefit from a grace period, representative of HoReCa sector and individuals whose incomes have declined during the pandemic and will not be able to repay the loan in the coming months.
These and other cases are considered by Liberty Bank individually.
The second stage of the additional preferential program can be used from June 12 to August 30. After the end of this grace period, the loan obligations will begin to be repayable from September 1, 2020 before COVID (i.e. March 14, 2020) on the dates specified in the payment schedule agreed with the customer.
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