The program includes rescheduling citizen loans with monthly installments exceeding 50% of the salary and exceeding four years at an EIBOR interest rate of three months or less, in order to reduce deduction Monthly to 50% of the salary, or 30% of the pension, for borrowers from retired citizens, thereby writing off future interest resulting from these loans, which exceed the EIBOR price for three months.
Thus, the new program allows heavily indebted citizens to benefit from additional sums to pay the principal, which helps them pay off their debts early and in monthly installments of no more than 50% of their income. Or 30% of their pension, as this program is in line with the requirements of the system of bank loans and other services provided to individual clients, issued by the Central Bank in 2011.
The citizen loan program is expected to cover consumer personal loans granted before May 2011, which are personal loans, auto loans, overdraft facilities and existing credit card balances - but it will not Includes mortgage loans and loans granted against shares or deposits - provided that the citizen benefiting from the program signs a pledge not to borrow or obtain credit facilities from banks and financing companies during the repayment period, and authorize the bank concerned and the central bank to take any measures to ensure that no loans or facilities are obtained Credit during the repayment period.
The program represents an opportunity for banks to adhere to the regulations and instructions of the central bank which recently set conditions regarding the purchase and transfer of personal loans granted before and after the issuance of the aforementioned system, with the aim of filling any gaps that may Exploited in this regard.
These conditions include, for loans granted after the issuance of the system, the need to fully comply with the requirements of the system, especially those related to the amount of the loan or financing, the term of payment and the monthly deduction.
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For loans granted before the system was issued, it is necessary to reduce the interest rate and not to increase the repayment period or the balance of the loan or financing by granting a loan or additional financing to the borrower.
>The banks participating in the Citizen Loans Program will communicate with their customers and announce that they will start receiving program requests at the beginning of next month / April / .. The Central Bank will also monitor the implementation of the loan program Citizens closely and work with banks to ensure the success of the program and benefit from it by all who meet the conditions.
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