Pause monthly loan installments
In case you have an active loan and currently are facing a difficult financial burden with unexpected expenses, TEB Sh.A. offers you a useful and proper choice to ease your cash flow.
Through ‘Pause your Loan’ service, you can defer the monthly payment instalment term once a year for up to two months. This service applies only to clients who are regular in paying their loan.
Clients who have used the option “Pause your Loan” during the year* cannot use this option twice for the same year. The year starts from the initial credit disbursement date and lasts 12 months.
The interest rate set in the loan agreement between the client and the bank will remain the same during the entire maturity term of the loan and also after the application “Pause your Loan”.
Deferment of monthly loan payments depends on the client’s choice, so the options are presented as follows:
1. If the loan is paused for one month, the client will be allowed not to pay the principal and interest for a full month, while in the second month the client is obliged to pay the interest for the previous and the current month, in which case the loan term will be extended for two additional months
2. If the loan is paused for two months, the client will be allowed not to pay the full principal and interest for two months, while in the third month the client is obliged to pay the interest for the previous months and the current month, in which case the loan term will be extended for three additional months.
Whether you consider you need to pause your loan please visit your nearest branch to get more information about the ‘Pause your loan’ service.