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PUBLIC OFFER for change in the credit products agreements’ conditions due to corona crisis

 

 

Pursuant to the Decision on amendments and supplements to the Decision of NBRNM on the methodology for credit risk management (“Official Gazette of the Republic of North Macedonia” No. 76/20 of 24.03.2020) and the Decree on the method of application of the changes in the credit exposures agreement conditions with the banks and savings houses (“Official Gazette of the Republic of North Macedonia” No. 80 оf 27.03.2020), for the purpose of mitigation the consequences from COVID-19 pandemic, on 30.03.2020, Komercijalna Banka AD Skopje announces the following  

 

 

PUBLIC OFFER No. 09-600-15834/1

on changes of the credit products agreement conditions for individuals

 

 

The Public Offer refers to all individuals – Bank’s clients, users of loans, credit cards and/or overdraft facility, who as at 29.02.2020 are classified into A, B or C risk category and do not have the status of non-performing credit exposures.

 

 

Detailed conditions of the Offer by type of products:

 

 

I.              Offer for LOANS

 

1.    Grace period: The Bank approves grace period for the repayment of 6 (six) monthly instalments (principal and interest). In the period April – September 2020 there will be NO instalments under the loan that will become due.

2.    Prolongation of the repayment period: The final term for loan repayment shall be prolonged for 6 (six) months.

3.    Interest calculated during the grace period: During the grace period the Bank shall calculate interest at interest rate defined in the loan agreement. Upon expiry of the grace period of 6 (six) months, the interest calculated during the grace period shall be capitalized (added) on the loan balance and shall equally be distributed for collection to the installments in accordance with the new loan instalments schedule. The Bank shall not calculate interest on the capitalized (added) interest.

4.    Standing order and administrative ban: During the grace period, the standing order for collection of the liabilities under the loan shall be put on hold. If your loan is being repaid by an administrative ban, please notify your employer that your administrative ban should be put on hold during the grace period.

5.    Self-payments on loan sub-account: During the grace period, you have the right to make self-payments on the loan sub-account, and the Bank will process these payments in the following manner:

a.    For loan sub-account without any outstanding liabilities, all payments made on the loan sub-account during the grace period shall be recorded as advance payments received during a grace period. In September 2020, all advance payments received on the loan sub-account shall cumulatively be recorded as payment for decreasing the loan principal not being due and without any request submitted by the borrower, the loan balance will be decreased for the respective amount.

b.    For loan sub-account with any outstanding liabilities, all payments made on the loan sub-account during the grace period shall be recorded as payments for outstanding liabilities by order and within the term as set out in the loan agreement. The payments that will follow upon settlement of the outstanding liabilities will be treated in accordance with item 5, paragraph a) of this Offer.

6.    New repayment schedule: Upon recording of all changes on the loan sub-account, as presented in items 3 and 5 of this Offer, as well as according to the change of item 2, in September 2020 the Bank will prepare new loan repayment schedule and starting from October 2020 the instalments under the loan shall continue becoming due on regular manner. The Bank will notify the Borrower on the new instalment amount, in a manner as prescribed in the loan agreement.

7.       Order of calculation upon preparing new repayment schedule: Upon preparing the new repayment schedule for the loan repayment of item 6, within the whole further validity period of the loan agreement and in regards to the order of calculation set out in the loan agreement, the capitalized (added) interest shall have priority for collection, before the loan principal; thus, the Bank shall, from the payments made and collection, settle the liabilities by maturity at their due date, at the following order: expenses under the loan, interest, capitalized (added) interest and loan principal. This order of calculation shall also apply in case of early repayment of undue part of the loan.

8.    Liquidation of loan during grace period: If, during the grace period, the Borrower makes full repayment of the loan, the provisions prescribed by the loan agreement shall apply.

9.    Legal action of the Offer: The legal action of the changed loan agreement conditions shall also have effect on all supporting documentation to the agreement (repayment schedules, standing orders and other documentation), all Notary acts and collateral (pledge – lien agreements, bills of exchange, guarantees, debt accession agreements and other agreements for any kind of collateral), without concluding new agreements/annexes to the existing agreements, Notary acts and other collateral instruments, as well as without making changes on the data already registered in the public books and registers.

10.  Cumulativity condition: The Offer is inseparable and shall be valid only upon cumulative fulfilment and acceptance of all above stated conditions for each individual loan agreement.

11.  Other provisions of the agreement: All other provisions of the existing agreement which are not covered by this Offer shall remain valid during the validity period of the agreement.

 

 

II.            Offer for CREDIT CARDS

 

1.   Grace period: In the period 01.04.2020 – 30.09.2020 (6 (six) months), the monthly minimum amount for repayment shall be 0% of the used credit limit at the end of the month, i.e. there will be NO monthly amount due for payment.

2.   Credit limit extent: Until 30.09.2020, the amount of the approved credit limit shall not be decreased.

3.   Interest calculated during the grace period: During the grace period the Bank shall calculate and charge interest in accordance with the provisions prescribed by the Agreement for use of credit card. The Bank shall increase the amount of credit limit for the amount of calculated and charged interest and regular monthly fees, and the credit card account shall not be treated as if the credit limit has been exceeded.

4.   Standing order: During the grace period, the standing order for collection of the liabilities under the credit card shall be put on hold.

5.   Period for returning to regular repayment: Starting from 01.10.2020, the basis for calculation of the minimum amount for repayment, as provided in the Agreement for using credit card, shall be the amount of the debt on the account as at 30.09.2020.

6.   Self-payments on credit card account: During the grace period, you have the right to make self-payments on the credit card account. All payments made on the credit card account during the grace period shall be recorded as inflows on the account and shall be available to the cardholder for use.

7.   Legal action of the Offer: The legal action of the changed conditions of the agreement for use of credit card shall have effect without concluding new agreement/annex to the existing agreement.

8.   Cumulativity condition: The Offer is inseparable and shall be valid only upon cumulative fulfilment and acceptance of all above stated conditions for each individual agreement for use of credit card.

9.   Other provisions of the agreement: All other provisions of the existing agreement which are not covered by this Offer shall remain valid during the validity period of the agreement.

 

 

III.           Offer for OVERDRAFT FACILITY on transaction account

 

1.    Term for use of the overdraft facility: The term for use of the overdraft facility shall automatically be prolonged by the Bank until 30.09.2020.

2.    Overdraft facility amount approved: Until 30.09.2020, the overdraft facility amount approved shall not be decreased, regardless whether there is regular monthly inflow received on the respective account.

3.    Interest: In the period 01.04.2020 – 30.09.2020 the Bank shall calculate and charge interest in accordance with the provisions prescribed by the Agreement for overdraft facility. The Bank shall increase the amount of overdraft facility for the amount of calculated and charged interest and regular monthly fees, and the transaction account shall not be treated as if the overdraft facility has been exceeded.

4.    Upon expiry of the term of item 1, the regular provisions prescribed by the Agreement for overdraft facility shall apply.

5.    Legal action of the Offer: The legal action of the changed conditions of the agreement for overdraft facility on transaction account shall have effect without concluding new agreement/annex to the existing agreement.

6.    Cumulativity condition: The Offer is inseparable and shall be valid only upon cumulative fulfilment and acceptance of all above stated conditions for each individual agreement regulating the overdraft facility.

7.    Other provisions of the agreement: All other provisions of the existing agreement which are not covered by this Offer shall remain valid during the validity period of the agreement.

 

 

AGREEMENT CONDITIONS FOR ALL TYPES OF PRODUCTS

 

By posting this Offer on the Bank's web site, it shall be deemed that the Offer is made available to all individuals who are users of credit products, solidary debtors and mortgage debtors, on the date of posting.

 

All individuals – users of credit products, solidary debtors and mortgage debtors, who meet the criteria of this Offer but wish to continue their regular repayment thereof without any changes in the agreement conditions, shall have the right to REJECT the Offer by sending a notification to the Bank by electronic means or in writing, not later than 09.04.2020 until 16:00 hours, or otherwise it shall be deemed that the Offer is accepted. If any individual – client uses several credit products and/or sub-accounts in the Bank, he/she has the right to decide to reject the Offer for each product and/or sub-account separately and should indicate each individual product and sub-account for which the Offer is rejected.

 

Individuals - clients who will not reject the Bank's Offer until 09.04.2020, shall be deemed to have accepted the Offer, which means that all criteria of this Offer shall become agreement provisions as constituent part of the agreements concluded with the individuals – clients and users of the credit products, solidary debtors and mortgage debtors.


The changed conditions of the loan agreements, credit card agreements and overdraft facility agreements, as well as all Notary acts and collateral (pledge – lien agreements, bills of exchange, guarantees, debt accession agreements and other agreements for any kind of collateral) towards the individuals – clients and users of the credit products, solidary debtors and mortgage debtors, shall have legal action upon expiry of the term of 10 (ten) days from the date of announcement of this Offer, without concluding new agreements/annexes to the existing agreements, Notary acts and other collateral instruments, as well as without making changes on the data already registered in the public books and registers.

 


IMPORTANT NOTE:

 

The individuals – clients who ACCEPT the Offer DO NOT SEND any notice to the Bank and according to this Offer, the agreement conditions shall be deemed changed on 10.04.2020.

 

A notice to the Bank is sent only by the clients who REJECT the Offer, and only through ONE of the offered notification methods listed below:

 

 

A.        Direct notification sent electronically by filling out the form here (the link leads you to the notification form where you have to fill out the transaction account number (15 figures) and the last 6 figures of your Unique ID number. Upon filling out the figures and verification in the Bank's database, a new window will open listing all the credit products subject to the Offer you have in the Bank, and you make the choice by ticking the credit product for which you REJECT the Offer. In addition, besides the choice you have made, you have to fill out a mobile phone number and e-mail address for any future communication. Until the Offer ending date, you can change your mind and make a new choice by re-logging into the original form).

 

B.        Written notification sent to the following address:

 

Ul. Orce Nikolov No. 3, 1000 Skopje, labeled by “Rejection of Public Offer No. 09-600-15831/1 of 30.03.2020” („Одбивање на Јавна понуда број 09-600-15831/1 од 30.03.2020 година“), indicating the name and surname, date and signature, as well as all individual products and sub-accounts numbers for which the Offer is rejected:

  • the transaction account number with overdraft facility approved,
  • numbers of all individual loan sub-accounts,
  • the last 6 figures of the credit card number

All written notifications received at the Documents Reception Desk of the Bank at the address indicated above or sent by mail and bearing a post office seal on the envelope with a date which is within the validity term of the Offer, or until and including 09.04.2020, shall be accepted in accordance with the Offer validity.

 

 

Public Offer date: 30.03.2020

 

 

KOMERCIJALNA BANKA AD SKOPJE

 

 

 

 

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