Wed. Apr 8th, 2020

Mexican banks offer moratoriums and payment facilities for the coronavirus



Mexico, Mar 26 (EFECOM) .- Several of the main banks in Mexico offer moratoriums of up to four months and payment facilities so that clients affected by the coronavirus economic crisis can face their debts with more ease.

The BBVA bank, which has the largest number of clients in the country, about 6.9 million, announced that starting April 2, it will give four months grace on interest and capital to those who have mortgage, auto and personal loans , payroll and credit cards, in addition to SMEs with simple loans.

BBVA will also support expenses in hospitals, sanatoriums, clinics and pharmacies with lines of credit without interest for six months as long as the transactions are made by card.

The Banorte financial institution, which already has a plan very similar to that proposed by BBVA, with programs to defer payments of up to four months, reported that it has received “more than 65,000 requests” to adhere to these modalities.

The Scotiabank bank has not yet disclosed the details, but also assured that it will give a four-month moratorium on the payment of credits from April 1.

Santander is defining the terms of a plan similar to that of its competitors, although it announced that it is giving three months without interest in purchases made in online supermarkets, and that they offer five or ten months without interest in purchases in pharmacies, laboratories or hospitals .

AID IN MORTGAGE CREDIT

The Institute of the National Fund for Housing for Workers (Infonavit), an institution dependent on the Government, the private sector and workers, dedicated to providing mortgage and housing-related loans, also announced special aid.

Infonavit, starting on April 15, will have unemployment insurance to cover payments of up to three months for those borrowers who lose their jobs, thanks to a fund of 7,326 million pesos (about $ 319 million).

In addition, the institution promised to defer three months the payment of mortgage loans to the beneficiaries whose working conditions are affected.

The Institute will recalculate the monthly payments of those employees whose companies have declared technical unemployment and will apply benefits of at least 25%.

Lastly, Infonavit will streamline the work verification and loan signing procedures so as not to slow down the mortgage market.

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