Financial and business news from Bulgaria

Money like the noise: Here's how many thousands of people have asked for interest-free loans

More than 29,000 requests from citizens for interest-free loans have been received to banks, announced by the Bulgarian Development Bank, writes Trud.
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ado.slave ('adoceanblitzbgvppmqmhred', {myMaster: '32krqyjgbc4z5Sigp3zu1zeyf3dx9g_PSWM02Cjdcel.s7'}); Commercial banks have approved 17,907 requests for nearly BGN 75 million in the first 5 months since the start of the interest-free lending programme.

As of September 14, 1215 more requests have been processed. The average value of approved loans is 4225 BGN. The deadline for application under the programme is by the end of 2020.

Partners under the Guarantee Program for providing interest-free loans up to BGN 4500 in support of people deprived of the opportunity to work due to the COVID-19 pandemic are 12 commercial banks.

The purpose of the measure is to assist employees on unpaid leave and self-insured citizens who have discontinued activities as a result of the COVID-19 pandemic.

They have the opportunity to get a loan up to 4500 BGN, granted at once or in three instalments of 1500 BGN each. The maximum repayment period is 5 years, with a minimum of 6 months and a maximum of 24 months grace period. Loans are exempt from fees, commissions and penalties.

Applicants for an interest-free loan must have been on unpaid leave or interrupted activity due to the pandemic. According to the updated requirements, those who want to apply after they have returned to work.

Self-insured persons must have at least a 20% drop in income in 2020, with the requirement for declared insurance for a period of 6 months back applies to all applicants.

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