IDBank Extends Loan Holiday: Details

In light of the state of emergency declared in our country and the fact that during this time our customers will face difficulties in fulfilling their loan obligations after the grace period without restoring their income, IDBank announces the second phase of support for customers.

This involves the extension of the Loan Holiday until May 17, where, during the three months following the Loan Holiday, individual customers can pay only the interest amounts. During the specified period, unpaid obligations will be distributed over the entire term following the loan repayment, and for borrowers who do not have real estate collateral, guarantees, or do not require the renewal of the collateral agreement, the loan repayment term will be extended by an additional year.

For secured loans, borrowers will benefit from all the aforementioned privileges except for the automatic extension of the loan repayment term; the Bank will provide them with a personalized approach.

At the same time, it is informed that from March 17 to May 17, no penalties will be applied for non-payment of principal and interest amounts, and in the following three months, there will be no penalties for non-payment of the principal. The loan will not be classified, and customers' credit histories will not be harmed.

Customers will receive a new repayment schedule via email. Only individual customers who had no overdue obligations as of March 17 and those whose loans were issued before March 17 can benefit from the loan holiday. If a customer does not wish to take advantage of the above benefits, they can continue making payments according to the current repayment schedule.

The Bank has also established benefits for legal entity customers operating in the hotel, restaurant, tourism, and entertainment sectors, as well as those who have experienced significant negative impacts due to the current situation, and they will be offered personalized approaches.

Legal entities wishing to take advantage of the established benefits must submit an online application to the Bank at least five working days before their scheduled loan repayment date, following this link: https://www.idbank.am/content/contacts/, filling in the required details and selecting 'Postponement of Loan Repayment Deadline' as the subject. When submitting the application, it is necessary to provide a detailed justification for the current situation.

Applications can also be submitted by individual customers who have funds in their accounts but wish to take advantage of the loan holiday. The application must be submitted at least three working days before the scheduled repayment date.

IDBank is also ready to assist those customers who have sufficient income and will not violate their loan repayment schedule; incentive mechanisms are being developed for them. Customers can make payments remotely using the IDBanking.am online platform, the Idram application, and IDBanking 24/7 kiosks, while accessing over 200 banking and non-banking services. Pay without jeopardizing your health.

If you have questions or concerns regarding the second phase of the loan holiday, please direct them via email to: [email protected].

THE BANK IS LICENSED BY THE CENTRAL BANK OF THE REPUBLIC OF ARMENIA.