Following Bank of Cyprus which introduced extra measures to support customers who are facing difficult times because of the recession, Hellenic Bank also offered its customers more favourable terms of the loan repayment.
“Hellenic Bank addresses the issue of non-performing loans in a way that supports, as opposed to undermining, the economy,” the Bank said. “It evaluates lenders on an individual level, in an effort to offer viable and effective solutions for all co-operating customers, tailored to their own characteristics and particularities.”
New policies for private customers who have lost their jobs, are facing health issues or have suffered significant loss of income have been introduced by the Bank. The announcement said that measures taken to ease the burden on such customers include extending the repayment period up to a maximum of 15 years, with an age-clause for borrowers at 70-years-old, granting a grace period of up to two years, and reducing interest rates, according to each borrower’s financial means.
With regard to small-and-medium businesses, Hellenic said it applied similar policies subject to each business sector.
In our previous article you can read what supportive measures Bank of Cyprus introduced.