QUESTIONS FOR DEFERRING LOAN
Under applicable legislation, it is possible to defer loan payments for the so-called period of protection in connection with adverse economic effects of the COVID-19 pandemic. It applies to all consumers and businesses; however, some of its aspects vary for entrepreneurs (individuals) and for legal entities, for example. Moreover, the legislation does not cover certain types of loan products (e.g. bank overdrafts, authorised overdrafts, borrowing facilities, revolving loans, credit cards and bank guarantees).
The period of protection refers to a period, during which the payment of financial debt under a loan agreement is by law deferred, together with the loan security period. It will start on the first day of the month following the month, in which we receive your notice of intention to use the period of protection, and end on 31 October 2020 (or 31 July 2020, if you select a shortened period of protection).
By law, it is not an application, but rather a “notice of intention to use the period of protection”. It is available to all consumers and businesses adversely affected by the COVID-19 pandemic that have a loan in KB covered by the applicable legislation. As opposed to the previous loan deferment application, clients are not required to demonstrate that they are in fact experiencing economic difficulties in connection with the COVID-19 pandemic (however, since the objective of the legislation is to help deal with adverse consequences of the pandemic, clients are required to make a sworn statement to that effect in the notice sent to the bank and such statement must be true).
If you have already submitted your application for contractual loan deferment and wish to use the statutory period of protection, you must submit the relevant statutory notice. The statutory period of protection will then start on the first day of the month following the month, in which we receive your notice. However, in this case, we will also defer any payments, the deferment of which you originally requested and which are to be paid before the period of protection starts (unless you notify us in a timely manner that you wish to make such payments). If you have not applied for the contractual deferment and submit your notice of intention to use the period of protection, your loan payments will be deferred in compliance with the applicable legislation – i.e. the first deferred payment will relate to the month that follows the month, in which we receive your notice.
Please use our interactive form to select the loans to be deferred. Therefore, you do not have to defer payments for all of them – simply select the ones you wish to defer. You may continue to repay or utilize the remaining loans in compliance with the original terms and conditions. Nevertheless, if you fail to specify any loan in your form, the deferment will by law apply to all your loans currently existing in KB. However, please note that the deferment will only be applied in respect of loans that are covered by the applicable legislation (i.e. not revolving loans or credit cards, for example).
Since the legislation does not cover all types of loans (e.g. revolving loans or bank overdrafts), it is necessary to execute an amendment governing such loan deferment in these cases. Therefore, if you have already submitted an application, please wait until your relationship manager contacts you to discuss solutions suitable to your situation.
Upon receipt of your notice, we will confirm its delivery to you without delay. In the event your notice does not comply with all the legal requirements, we will ask you to correct or supplement it.
No later than 30 days from the receipt of your notice, we will inform you about the start/end date of the applicable period of protection, together with information about the amount, number, and frequency of payments to be made after the period of protection ends, as well as the total amount due.
Execution of an amendment governing a deferment of your loan does not, in any way, limit your right to take advantage of the loan deferment under the applicable legislation. In case you notify us of your intention to use the statutory period of protection in connection with a loan that has already been deferred on the basis of an amendment, your loan will be deferred on the basis of the applicable legislation and our arrangement will cease to have effect once the period of protection starts.
Please contact your relationship manager – you will be able to find a solution suitable to your situation together.
As the applicable legislation has already come into effect, you may notify us of your intention to use the period of protection using a form that is available for download on our website.
According to the applicable legislation, you must submit your deferment notice to us by 30 September 2020.
Yes; however, only loans that were no more than 30 days past due as of 26 March 2020.
Yes, unlike the application for contractual loan deferment, the notice form must be signed and sent to the bank. However, it is not necessary to visit our branches to deliver your signed notice. Simply download, complete, print and sign the form, and email the scanned version thereof to your relationship manager, with a copy to email@example.com.
No, the loan deferment is free – we do not charge any fee.
If you take advantage of the period of protection, the bank is only entitled to agreed interest. However, interest payments vary for entrepreneurs (individuals) and legal entities. In case you are an entrepreneur (i.e. individual), you do not pay any interest during the period of protection and only pay such interest after you make all loan payments. If you are a legal entity, you will still pay interest during the period of protection, as agreed by us. Therefore, when submitting your notice of intention to use the period of protection, you should take into account the fact that you will pay more overall, as interest will continue to accrue in connection with your loan(s) during the period of protection.
Contact your relationship manager who will gladly provide you with the form.