Information about the moratorium
In respect of Government Decree no. 47/2020 (III. 18.) on the immediate actions necessary to mitigate the effects of the coronavirus pandemic on the national economy – repealed upon cessation of the state of danger – or in Act LVIII of 2020 on the transitional rules and epidemiological preparedness related to the cessation of the state of danger enacted in accordance with the said decree and Government Decree no. 637/2020 (XII. 22.) on the introduction of special emergency rules for the moratorium we provide our retail and corporate customers with a deferral of payment until June 30, 2021, for loan repayment (for the payment of principal, interest and fees). By 30 June 2021, contracts covered by the moratorium that would have expired during the period up to 30 June 2021 will not expire.
In which cases did we set the extension automatically?
The extension of the moratorium was automatically set for contracts under the moratorium on 31 December 2020. Of course, our clients have the opportunity to opt out from the moratorium, they must make a declaration in this regard, the details of which can be found under Declaration Options.
In which cases did we not set the extension automatically?
Loans / leases already disbursed under contracts existing on 18 March 2020 that were not under the moratorium in December 2020 were not automatically subject to the extension of the moratorium, but it is still possible to opt in to the moratorium. To do this, you need to make a declaration, the details can be found under Declaration Options.
If you decide to use the moratorium extension and have previously placed a standing order to settle the instalments, you will need to withdraw it, they will not be stopped automatically! If you use the moratorium but have not yet withdrawn your standing order from the current account held with CIB Bank for loan repayment, the amount transferred under your order will be credited to your account.
General information about the moratorium
- The moratorium will run until June 30, 2021.
- The moratorium applies to loans already disbursed under contracts existing on 18 March 2020 or, in the case of leasing contracts, to leases in respect of which CIB Leasing had already acquired ownership of the leased object on or before 18 March 2020 and the leased object had been handed over to the customer, regardless of whether the invoice had been paid. It is important to note, however, that the moratorium only took effect automatically from January on loans / leases that have been under the moratorium in December 2020. In the case of loans / leases that were not under the moratorium in December 2020, a declaration must be made if you wish to benefit from the moratorium from January on.
- The moratorium continues to apply to loans from financial institutions as well as financial leasing.
- In the case of ‘Babaváró’ loans, the state guarantee fee is not payable for the duration of the payment moratorium.
- The law provides for the possibility to repay the loan according to the original terms of the contract.
Payment obligation after the moratorium
- The interest and fee accrued during the moratorium, together with the installments due in the remaining term, must be paid in equal annual installments during the term after the expiration of the payment moratorium.
- After the expiration of the moratorium, the term shall be extended in such a way that the combined amount of the installment due and the interest and fee payable in installments arising during the payment moratorium does not exceed the amount of the installments under the original contract.
Our solutions in case of payment difficulties
New loan contracts
At CIB Bank, it is possible to apply for mortgage loans, CIB ‘Előrelépő’ Personal Loan, ‘Babaváró’ Loan, and from 1 January 2021, overdraft as well.
What do I have to do if my loan is secured by Loan Repayment Insurance?
The deferral of payment does not apply to insurance premiums, so these must be still be paid in order to ensure that the insured relationship is not cancelled. If you decide to avail yourself of the moratorium and stop paying the instalments any further, you will still have to pay the insurance premium. To maintain the continuity of the premium payment, please continue to transfer or pay the insurance premium to your account used for loan repayment or ensure that the insurance premium is available in your current account on the due date of your loan repayment, so that we can deduct it.
Information on the practice of forwarding data to the CCIS
The moratorium also affects how CIB Bank and CIB Leasing handle overdue debts, furthermore, the transfer of data to the CCIS has been modified taking into account the statutory requirements. Details can be found at the bottom of the page in the material entitled CCIS Information available in the related documents.
1 Act LVII of 2020 on transitional rules and epidemiological preparedness related to the cessation of an emergency. Act CVII of 2020 on transitional measures for the stabilization of the situation of certain priority social groups and enterprises in financial difficulties.