Ardshinbank Explains How Customers Should Continue Loan Payments

Ardshinbank has issued a statement explaining that, due to the difficult situation caused by the pandemic, the bank has provided a loan moratorium for all types of loans to individual and sole proprietor customers from March 16 to June 1, inclusive. The deferral in loan repayments also applied to customers who already had overdue obligations of up to 45 days as of March 16.

During the loan moratorium, interest charges will continue to accrue on the loan, and customers will not be considered delinquent if they do not make payments according to the contractually agreed schedule, meaning no penalties or late fees will be imposed.

Following the end of the moratorium on June 2, the bank will apply one of the following approaches for individual and sole proprietor customers to repay the accumulated debt in the most suitable way:

• The bank may extend the loan term while keeping the monthly repayment amount unchanged, and/or
• The accumulated debt may be added to the principal loan amount, or
• The accumulated debt may be repaid in up to 12 equal monthly installments.

Customers can find more details about each type of loan through the following link: https://bit.ly/2A9nKxf. For clarification regarding the redistribution, changes in conditions, and the amount of repayable debt, customers can check through the bank's mobile application, by calling the bank's communication center at 012222222, or by visiting a branch of the bank.

If a customer does not wish for the accumulated obligations during the loan moratorium to be redistributed and/or for changes to be made to the terms of the loan, it is necessary to make the contractually scheduled payments before the end of the loan moratorium.