Postpone bank rates for people

The last 3 months have been more difficult for the economy of any country, but perhaps for the individual economy of citizens. Pandemia Covid-19 has activated a scenario of a potential of the financial crisis mainly by decreasing economic activities in the market, but also reconfiguring them, according to the following forecasts.

On May 14, Romania leaves the two months of emergency in which the labor market and the economy announced important changes. Since many companies have resorted to unemployment or technical unemployment, banks have tried to help them, but also to the help of individuals.

Therefore, one of the support measures of people engaged in loans was the postponement of rates. However, it is not possible to access this financial support from anyone, and below we will describe in detail the meaning of this measure and the conditions according to which it can be benefited from it.

Postpone bank rates for people

The Covid-19 impact has affected not only important economic segments, but also important segments of the population. As soon as tourism and restaurants were closed, many people remained without work, without income and the companies have resorted to technical unemployment or to reduce wages.

In addition, the preventive measures for Covid-19 and the conditions imposed in this situation have limited or postponed the demand for certain products and services (dentistry, events, construction, etc.). And many companies have been forced to reduce staff or salaries: renovation or technical unemployment (75% of the average salary for economics). This aspect automatically generated a significant financial deficit of people’s income, given that many of them have loans.

In order to avoid a 2008, the government, the government, with the support of the National Bank and the Banking Sector, offered citizens the possibility of postponing bank rates up to 9 months (no more than 31.12,2020). Therefore, those directly or indirectly affected, shortly or long -term they can use this postponement to give priority to other current needs.

Some banks make readers available on the website the number of applications submitted, accepted and refused to postpone payment rates.

What does the banking rate for individuals mean?

The postponement of bank tariffs can be made for a period between 1 month and a maximum of 9 months and can be requested within a maximum of 45 days from the date of entry into force of the Geo (30 March), that is, until 14 May 2020. This is a short-term solution of the people affected by Covid-19 of the credit. Therefore, the rate for the first 5 years of the total of the remaining loan period, after the payment has postponed for 9 months, will increase.

Precisely because it is a short -term support solution, the banks recommendation is that the request for postponement is made by those for whom the payment of rates for 2020 is almost impossible and not only difficult. Because otherwise, starting from January 2025, when the delayed rates for 9 months will be paid again, people could be much more difficult to take on a higher monthly payment for at least 5 years.

How can you benefit from the postponement of bank tariffs?

Banking institutions have organized very quickly to determine those who are suitable for postponing the rates and demand evaluation phases are very few and relevant.

The first condition to benefit from this help is to demonstrate the financial deficit caused by the Covid-19 pandemic. In particular, any family that has to face a loss of direct or indirect income, a temporary or permanent loss of a job can choose to postpone bank tariffs. It is sufficient that this loss is generated by the professional activity of a single family member.

Another condition is that that credit is required and approved until 31.03.2020, because the postponement of banking tariffs is faced to those who could not anticipate the impossibility of payment.

In addition, for the approval of this request, it is very important not to have more than 30 days to pay the credit. Here’s how the payment difficulty caused by the Covid-19 pandemic is supported.

The economic market and the labor market have undergone important changes and the effects feel both in the individual financial framework and at the level of society. That’s why it is very important to know and manage your economies and priorities very well.

As I specified above, the postponement of bank tariffs can be requested for a shorter period of time, not necessarily for the maximum offered for 9 months. Therefore, together with some individual economic actions, you can reorganize your budget for the next few months, without engaging at a higher monthly rate starting from January 1, 2025 (if you have the OPT for the postponement for the maximum period).