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Business & Finance

State Bank defers over Rs 657bn loans under COVID package

  • Out of 1.644 million applications received, banks, DFIs and MFBs have approved 1.582 million applications (96.23 %) up to December 24, 2020.
07 Jan 2021

The State Bank of Pakistan (SBP) has deferred loans totaling Rs. 657.154 billion for one year and has restructured loans totaling Rs 221.7 billion under its Loan Extension and Restructuring Package.

As per the data released by the central bank, out of 1.644 million applications received, banks, DFIs and MFBs have approved 1.582 million applications (96.23 %) up to December 24, 2020. Since the launch of the scheme, the individual borrowers, especially the customers of microfinance banks, have been the major beneficiaries of the scheme.

The restructured and deferred loans include 1.479 million approved applications of customers of microfinance banks involving an amount of Rs 101 billion, which approximately constitutes 46 percent of the total net-loan portfolio of MFBs.

Loan Extension and Restructuring Package of State Bank of Pakistan (Debt Relief Scheme) was announced to facilitate the borrowers in restructuring and deferment of their loans. The Debt Relief Scheme aimed to preserve the solvency of the borrowers and enable them to combat the temporary economic disruptions.

Under the scheme, two options were made available to the borrowers i.e. either to get the loans deferred for up to twelve months or to get their loans restructured.