OTP Bank to Prolonge Loans Repayment Holidays for All Retail Loans until April 30, 2022
OTP Bank prolonges loan repayment holidays for all retail loans until April 30, 2022 to support its customers during the full-scale war with russia.
So, if the Bank`s clients are not be able to make the minimum required loan payment according to the schedule, its overdue and adding the relevant information to the credit history will not happen as well as no fines, penalties or increased interest rates will be applied.
Tellingly, the Bank draws the attention of its borrowers to the fact that loan repayment holidays do not provide for an exemption from loans repayment and interests payment, but only allow to postpone the payment date. Therefore, it is recommended to pay the debt on time to avoid overload in the future.
According to the Bank, certain rules for loans usage remain unchanged during the loan repayment holidays. In particular, all informational SMS messages about the date and amount of the planned payment are delivered to customers, while interest and payments debiting is carried out as usual. If credit card holders want to avoid automatic write-off of interest, they need to contact the bank to make an individual decision on debt restructuring. One can visit the branch personally or apply via the bank's website or the Contact center.
Also, the rules of the grace period still remain the same. That is, if the amount required for the grace period has not been paid by the payment deadline, interests will be accrued on the debt balance at the standard interest rate.
A debt repayment can be made via:
- a transfer according to account details;
- a card-to-card transfer via OTPSmart / OTPCredit application;
- the Banks`s working branches (their list is published daily on the official Bank`s website);
- ATMs with Cash-in function;
- payments terminals (list of operating terminals and their location at link).
To recap, earlier OTP Bank introduced loan repayment holidays for all its borrowers after the russian invasion of the territory of Ukraine till March 31 of this year.
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Public Joint Stock Company OTP Bank is a subsidiary of OTP Bank, which is the largest independent Central-Eastern-European banking group. JSC OTP Bank is one of the largest domestic banks, a recognized leader in the financial sector of Ukraine. The Bank provides a full range of financial services to corporate and private customers, as well as to small and medium enterprises. The bank entered the Ukrainian market in 1998, and since then it enjoys a staunch reputation of socially responsible, reliable and stable institution providing its consumers with services of European quality standard.
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