Bankinter activates procedure for consumer credit moratorium enacted by Royal Decree, in addition to pension plan withdrawals for customers affected by the crisis

As of this week, Bankinter is adding two new initiatives to the set of measures it has had in place since the start of the crisis to mitigate the financial impact of the coronavirus pandemic on some its customers.

The bank has activated all procedures for particularly vulnerable customers to request the consumer credit moratorium, and for workers, sole traders or entrepreneurs whose income has decreased or whose turnover has fallen substantially by at least 40% due to the crisis, to draw down on their pension plans.  

According to the Royal Decree, the consumer credit moratorium provides for a full payment holiday (on principal and interest payments) and a loan term extension for three months. It also suspends credit card payments during the payment holiday period.  Vulnerability status is the same required for the mortgage moratorium enacted by Royal Decree.

Furthermore, Bankinter also activated internal procedures so that customers subjected to temporary redundancy schemes as well as sole traders and entrepreneurs whose business has stopped or shrunk can withdraw an amount similar to the salary or net income they have lost from their pension plans throughout the COVID-19 crisis. This is to help customers obtain liquidity at such a difficult time.

The deadline for submitting applications for pension plan or ESPV withdrawals will be 13 September 2020, and may be extended by the Spanish government, even if the period of temporary redundancy schemes or discontinued operations has ended. Bankinter will handle withdrawal applications within a maximum period of 6 days from the time they are received.

Bankinter is adding these two new initiatives to its shock plan to mitigate the financial impact of COVID-19, which can be found on its Medidas Bankinter (Bankinter Measures) micro-site created especially to spread awareness and give all its customers access to the various proposals: (https://www.bankinter.com/banca/medidas-covid19).