FSC Taiwan is extending the timeline for COVID-19-related payment deferrals from June 30, 2021 to December 31, 2021. The relief measures apply to mortgages, auto loans, consumer loans, and credit card debt. During the period of a loan deferral or loan rescheduling, under the terms of the debt workout agreement, the debtor is not required to repay principal or interest. Until the obligation becomes due it will not be treated as a bad debt and an instance of late payment will not be included in the debtor's credit record. Borrowers and credit card holders can apply for a deferral of 3 to 6 months on the repayment of outstanding debt. Default penalties or default interest will be exempted during the deferred period.
Related Link (in Chinese): Press Release
Keywords: Asia Pacific, Taiwan, Banking, COVID-19, Credit Risk, Payment Deferrals, Loan Repayment, FSC Taiwan
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