Bank of Punjab offers loans, refinancing facilities, deferment of installments

Bank of Punjab
Image Source: Bank of Punjab Official

The Bank of Punjab (BoP) has officially started offering State Bank of Pakistan’s Covid19/Corona Financial Relief Package to those business ventures who are financially affected by the deadly virus.

In a recent video, BoP President & CEO Zafar Masud has announced that the bank has brought State Bank of Pakistan’s Covid19/Corona Financial Relief Package and loans for its customers and everybody who is affected by this disease may benefit from it.

In his video message, the president said “as a strong and responsible economic institute, the Bank of Punjab feels pride in bringing to you the State Bank of Pakistan’s Covid19/Corona Financial Relief Package.

Zafar Masud further said, “the BoP, according to the policy of the State Bank of Pakistan, has brought ‘Concessionary Refinancing Facility for Payroll/Wages’ for the private sector so that any organization may not terminate its employees due financial constraints.”

This facility is for those businesses which are closed due to lock-down and are unable to pay their employees. By using this facility, they can now get Loan, advance money from the BoP, and avoid any unwanted situation. This facility is specifically designed for the pandemic/lock-down hit ventures with a very low-interest rate. Schools, colleges, and universities can benefit from this facility to sustain in this difficult time as they will be the last organizations to resume their business in the post-coronavirus world. If properly utilized, this facility can prove to be a savior for the private sector in Pakistan.

He also said that “Concessionary Refinancing Facility for Hospitals and Medical Centers is also being introduced with low-interest rates.” With the help of this facility, all the hospitals and medical centers would be able to sustain and improve their infrastructure in their fight against COVID-19.

He further said that the clients can get machinery and establish new industrial units under the 10-year Concessionary Temporary Economic Relief Package for Industries. With the help of this facility, those who lost jobs and those who could not continue their businesses during the lock-down would be able to take a new start by getting new machinery or by establishing new industrial units. This facility will definitely be a blessing for those business personalities who are unable to resume their businesses after the lock-down ends.

He added in the video message that the bank was also offering the facility of Deferment of Payment of Installments for One Year. He also said that by availing this facility the trade history of the customers would not have any negative impression. This facility is introduced while keeping in view the problems of the middle-class people who are not able to pay their installments due to the lock-down.

BoP President & CEO Zafar Masud, in the end, advised the people to apply for these facilities as soon as possible and benefit from the schemes of the government.

Earlier, the State Bank of Pakistan (SBP) announced to offer the facilities mentioned above, and now following the directions of the SBP the BoP has practically started offering these facilities to the customers out there.

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