10 June, 2020
Grace Period II Stage | Frequently Asked Questions
- Who will benefit from the additional (June, July, August) grace period?
- The grace period will automatically apply to the loan obligations of physical persons (individuals) who will be included in the Unified Beneficiary Assistance Database of the Revenue Service.
- Customers affected by the pandemic who have had reduced income or lost a job and this has been identified by the bank.
- Pensioners who have a retirement loan or overdraft.
- What type of loans does the additional grace period refer to?
- Automatic deferral applies only to loan liabilities of individuals which were active as of March 14, 2020, from June 1 to August 30, 2020, and as of March 14, 2020 did not have any loans that were overdue for more than 30 days and were not transferred to the Management of problematic loans.
- When will the grace period start?
- The benefit of the additional grace period will start from June 12 and will last until August 30 inclusive.
- Will the monthly payment increase in case of using the grace period?
- Interest accrued during the grace period will be redistributed from the end of the grace period so that the monthly contribution does not increase.
- Will the loan term increase if you use the grace period?
- Yes, the term of the loan will increase so as not to increase the monthly deposit.
- Under what conditions does the additional grace period apply to an overdraft?
- In case of overdraft, the accrued % will not be deducted during the grace period, and the monthly payment amount will increase insignificantly after the end of the grace period.
- Under what conditions does the additional grace period apply to credit cards?
- In case of credit cards, the minimum payment amount and the use of zero condition will be postponed for 3 months, after which the amount to be paid will increase insignificantly.
- Does the additional grace period apply to social type of loans?
- According to the decision of Liberty Bank, within the framework of the social responsibility program #Libertygulit, the additional (June, July, August) grace period will apply to pension loans and pension overdrafts.
- Pension loans: From June 14 the principal amount of the loan schedule will be deferred and from June 14 to August 14 the borrowers will pay only the accrued interest. The loan repayment period will be increased so as not to change the monthly payment under the loan repayment schedule prior to the pandemic.
- Pension Overdrafts: From June 14, 2020 to August 14, 2020, customers will pay only the interest accrued for the current month, while the interest accrued as a postponement between March 14 and June 14, it will be redistributed so that the monthly payment does not increase significantly.
- Does the additional grace period apply to loans that are secured by a car?
- For those borrowers who are on the state aid list and at the same time have a loan secured by a car, the deferral of a specific obligation will only apply to the principal amount.
- Does the additional grace period apply to business loans?
- Liberty Bank will offer the benefit of the grace period to business borrowers, representatives of the HoReCa sector and individuals, whose incomes have decreased during the pandemic and, consequently, will not be able to service the loan in the coming months.
- Is any interest accrued on the interest accrued during the grace period?
- No, interest will not accrue on interest.
- If I have several loans at once, will all of them have a grace period?
- Yes, if you are in the Unified Assistance Database of the Revenue Service and meet the criteria set out in paragraph 1.
- I do not want to take advantage of the grace period, how should I act?
- In case the borrower does not want to use the deferral, he / she will be able to register the refusal no later than June 30 through the following channels:
- Remote banking channels;
- ATMs;
- Remote service centers;
- Branch / Servicing Banker / Credit Expert
- If the borrower refused the previous time, will he / she be able to enjoy the grace period now?
- The grace period will be available to customers who will be included in the Unified Assistance Database of the Revenue Service and to customers who will be offered by the Bank individually, regardless of whether or not they have previously used the grace period.
- What type of loans the automatic additional grace period does not extend to?
- The grace period does not apply to the following types of loans:
- Pawn loans;
- Loans secured with deposits;
- Loans issued under state programs, such as "Produce in Georgia" and "Preferential Agro Credit";
- Business loans issued to individuals with a current liability of more than GEL 100,000 (subject to individual consideration).
- I would like to take advantage of an additional grace period, but I did not get included into the Unified Beneficiary Database of the Revenue Service, how should I act
- To take advantage of the grace period, contact the servicing banker / credit expert at our service centers, who will respond accordingly?
- What documents will I need to take advantage of the additional grace period and have my application process considered individually?
- Income statement from January 1, 2020 to date or
- A certificate/reference from the Revenue Service that includes information on income received in 2020 or
- A certificate/reference from the employer company that should include information on the income received in 2020;
- The lease agreement, which was valid until March 1 or the first quarter of 2020, and there is no record of lease transfers.
- When will the additional grace period end and when will I start repaying the loan?
- The second stage of the additional grace period program can be used from June 12 to August 30 inclusive. After the end of this grace period, the repayment of the loan obligations will start from September 1, 2020 to the dates provided by the payment schedule set out and agreed upon before the COVID (i.e. March 14, 2020).
