Allianz Bank and Commercial Bank D will accept applications for interest-free loans to individuals
18.08.2020
More than 2,000 loans have been approved in the last two weeks since the beginning of the program
Allianz Bank and Commerce Bank D are the next two banks to have signed agreements with Bulgarian Development Bank and will accept applications for interest-free loans to individuals of up to BGN 4,500. Their branches will be ready to implement the program after May 18th.
Municipal Bank, Investbank, First Investment Bank and International Asset Bank started operations under the program at the end of April. Up until now 2,171 interest-free loans have been approved via the four banks with a guarantee from BDB.
In Municipal Bank, which was the first to process applications from citizens, the approved ones are 1,150. The confirmed loans in First Investment Bank are 836, in Investbank - 115 and in International Asset Bank – 70.
More than 2/3 of the requests have been filed from employees on unpaid leave. Much lower is the number of self-insured persons that have applied for a loan.
Agreements with another 6 banks that have expressed interest in the program are under finalization.
The interest-free loan guarantee program aims to support employees on unpaid leave and self-employed people who are temporarily unable to work under the emergency situation. They have the opportunity to receive interest-free loans of up to BGN 4,500. The funds are disbursed as a lump sum or in three tranches of BGN 1,500 each. The maximum repayment period is 5 years, with a grace period of minimum 6 months and a maximum of 24 months. No fees, commissions or penalties will be due for the loans.
