Mexico City (Jessika Becerra) – About 2 million debtors took the supports offered by the banks so that individuals and families can pay their debts against the contingency generated by the Covid-19.

This was revealed by data from the country’s largest financial institutions. On March 25, the National Banking and Securities Commission (CNBV) reported that it would make temporary changes to the rules that banks must follow to report their financial situation.

In this way, the banks would stop accounting in past due loans for those loans that their clients differ for periods of four to six months.

2 million decide to take bank support. | Source: Reforma

Read: Consolidation, restructuring and debt relief, which one suits you?

The financial institutions offered this payment term without implying the collection of late fees and interest. However, individuals and companies that enter this program will pay ordinary interest.

At BBVA, more than a million clients signed up for the deferral program, in such a way that 31 percent of the loan portfolio for individuals is already under this scheme, as well as 40 percent of the loan portfolio for small and medium-sized companies (SMEs) and 6 percent of the amount of the legal persons portfolio.

Read: What does it mean to defer credit payments, is it convenient for you?

Meanwhile, Citibanamex reported that between 15 and 20 percent of the number of consumer loans that it has in force will enter the support program for Covid-19.

At Banorte, almost half a million clients registered in the program, mainly on credit cards, where 230,000 applications were received.

Read: How long does it take for debts to be cleared from the Credit Bureau

In payroll loans there were 150,000 applications, in mortgage loans 44,000, in automotive 39,000, in SMEs 5,500 and in personal loans 1,400.

These almost 500 thousand clients who have requested the support, represent around 20 percent of Banorte’s total clients.

Read: Should I take out a payroll credit?

Meanwhile, Santander reported 406,000 registered customers representing a total amount of loans of approximately 122 billion pesos, while Scotiabank received 24,000 requests.

José María Aramburu, director general of the La Salle University Law School and former vice president of Condusef, said that deferring debts is insufficient to support families because they will apply the ordinary interest rate.

He argued that if families stop having income because they lose their jobs, they will not be able to pay a debt that is growing more and more because of interest.

He recalled that the small and medium businesses that closed will face difficulties in paying their loans.

.