In a meeting chaired by Finance Minister AHM Mustafa Kamal with heads of all concerned regulatory authorities present, the decision was taken to provide defaulters with another lifeline. Defaulters will now be allowed to reschedule their loans for 12 years after finishing 2% down payment under a special package. Currently, defaulters are allowed to reschedule their loans at most for 3 years after providing 10%-15% down payment.
“The new policy is a special arrangement for those who are not wilful defaulters,”
Both small and large borrowers will be able to get the rescheduling facility and a 7 percent simple interest formula instead of existing compound formula will be applied. The experts are highly skeptical about the rescheduling scheme though.