3 Month Grace Period

Due to the declaration of a state of emergency in Georgia as a result of the coronavirus, Re|Bank has decided to launch a three-month grace period on every consumer loan and Top|Card.

 

By March 25, staff members of Re|Bank will have contacted clients who are beneficiaries of consumer loans and will have given them further details on the grace period, while beneficiaries of our Top|Card will have received a message.

 

  • Who can apply for the grace period?

All Re|Bank customers with a Blitz|Loan, Refinancing Loan, and Top|Card can apply.

Customers with overdue payments cannot apply for the grace period.

  • Does the three-month grace period means not paying anything for three months?

Yes. It means that you need not pay the principal amount nor the interest rate for the period of three months for each loan product.

If you have a Top|Card, you will be fully free until July 1 from paying both the minimal and recommended amounts.

  • Does the three-month grace period apply to clients who have missed their due dates?

Unfortunately, beneficiaries who have missed due dates on loans and Top|Card will be unable to utilize the grace period.

  • Will the interest rate of my loan increase after the grace period?

The interest rate on loans will remain the same; however, the loan period will increase as a result of the grace period. Your monthly payment will also experience a minor increase due to the fact that it will contain the interest that would have been charged during the grace period. With Top|Cards, only the installment period will increase. As such, the remaining sum will be equally divided without any additional costs for a period of six months.

  • Will the monthly payment on my loan increase after the grace period?

Your monthly payment will experience a minor increase due to the fact that the interest that would have been charged during the grace period will be divided within the remaining amount.

In the case of Top|Cards, it will depend on the installment amount utilized before July 1.

  • Can I prepay or partially pay for my Top|Card after the expiration of the grace period?

Yes. You can do so without any commission fee.

  • Will the respective terms also apply to new loans?

No. The respective grace period only applies to clients with an existing Blitz|Loan or Refinancing Loan.

  • Will I be charged interest on my Top|Card after the expiration of the grace period?

No. Your remaining amount will be equally divided over the next 6 months after July 1, without any additional costs.

  • What happens if the final payment on my Top|Card falls during the grace period? Will it be divided over 6 months after July 1?

Yes. However, you may prepay and you will not be charged a service fee.

  • What happens if I sign up for an installment of more than 6 months during or before the grace period? Will the payment schedule be divided beyond July 1?

In such cases, the installment period will not change. For example: if you are using a 12-month installment and have already made two payments, then, after expiration of the grace period, your payment schedule will be divided over 10 months.

  • Can I get a Top|Card and utilize the grace period?

Yes, you may get a Top|Card and utilize such an unprecedented offer; however, please note that the grace period on Top|Cards expires on July 1.

  • What benefit does the Bank receive from the grace period?

In the given circumstances, the Bank has set the priority to focus and adjust to client needs and support their purchasing power. Such an approach will ensure mutual satisfaction in the long run.

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