Ulaanbaatar
6,595 borrowers request to defer consumer loan payment
Economy
Ulaanbaatar /MONTSAME/. A decision has been made to extend the repayment of mortgage loans by six months and extend the term of consumer loans in order to reduce the burden on individuals amid COVID-19 pandemic and the loan extension deadline has expired on April 30.
Director of the Reserve Management and Financial Markets Department of the Bank of Mongolia /BoM/ A.Enkhjin said that the number of people who have applied for mortgage loan extension has not been finalized yet and the BoM and Ministry of Finance are working to disburse the amount equal to 2 percentage point of the 8 percent loan interest to the people who have not requested to defer their loan repayment.
B.Bayardavaa, Director of the Monetary Policy Department of the BoM, said that as of April 24, a total of 6,595 borrowers had applied for the extension of consumer loans.
The extended loan amount by borrowers totaled about MNT 76 billion and as result, it is estimated that average 55 percent of household income per month paid for loans reduced to 52 percent.
