News Local More than 40,000 apply to suspend loan instalments at Cyprus' 2 largest...

More than 40,000 apply to suspend loan instalments at Cyprus’ 2 largest banks

More than 40,000 applications to suspend loan instalments have been submitted to Bank of Cyprus and Hellenic Bank, the CNA reports, under the government’s moratorium on loans effected to counter the economic impact from Covid-19 measures.

Bank of Cyprus said today that so far it has received more than 20,000 applications, with instalments suspended for more than 35,000 accounts.

Of the total number of applications, 84% comes from individuals and the rest from businesses, while 58% of loan suspension requests concern mortgages.

Hellenic Bank also received more than 20,000 requests to suspend loans, 80% of which are from individuals and the rest from businesses.

Of the applications from individuals, 50% are for mortgages and the rest for consumer loans (car purchase, credit cards and personal loans).

Hellenic said that applications are approved at a rate of 95%.

 

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