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“TBC Bank” Offers a Concession to Customers Affected by Lari’s Depreciation

Due to Georgian lari’s depreciation, “TBC Bank” offers a concession to the affected customers. In this regard, “TBC Bank” released a statement which says that due to GEL fall, based on the systemic risk analysis the relevant changes were made to a new loan approval procedure as well as in terms of existing borrower requests.
“Each case will be considered individually and preferential terms tailored to each individual client will be offered. Concession means an increase in the loan term so that the borrower’s monthly payment will be the same as before GEL fall ( at 1.75).
Concessionary terms will affect:
1) Customers who have loans in foreign currency and income in the national currency and due to lari’s depreciation, their monthly payments increased;
2) Customers who have a loan and income in the national currency, but whose income reduced for various reasons, as a result of lari’s depreciation);
Each case will be individually examined by the bank’s representatives who will study the customer’s income and will draw up a new schedule.
A loan payment may be prolonged in two ways:
A) A loan remains in the same currency – in this case, the loan interest rate will be maintained;
B) To reduce the problems caused by GEL fluctuations in the future, to convert loans in U.S. dollars to national currency.
In this case, the interest rate will rise to the minimum rate of the loans in Georgian lari. Long-term mortgage loans converted to lari will be tied to refinancing rate set by the National Bank.
At the time of the loan prolongation, additional security is not required.
“TBC Bank” clients should apply to the bank’s branches and their financial experts,”- “TBC Bank’s” statement reads.