The support will consist of the partial or total deferral of principal and / or interest payments for up to four months, with the possibility of extending it two more due to the Covid-19 coronavirus pandemic.

The National Banking and Securities Commission (CNBV) issued the temporary criteria for financial institutions to defer payment of credits, in the face of the coronavirus contingency Covid-19.

He explained that the measures are given in response to the request for authorization from the credit institutions of the Mexican Financial System, so that they carry out the implementation of various programs aimed at the affected borrowers.

The sector’s regulatory body also reported that it works to issue similar accounting criteria for other sectors of the financial system, such as the Popular Financial Societies (Sofipos), Cooperative Savings and Loan Societies (Socaps) and Credit Unions.

“In general terms, the support will consist of the partial or total deferral of principal and / or interest payments for up to four months, with the possibility of extending it to two additional months, with respect to the entire amount payable including accessories ”.

The balances may be frozen without interest charges, which will be applicable as long as the credit is classified as effective as of February 28, 2020.

“In particular, this support may apply to mortgage-backed housing loans, revolving and non-revolving loans directed at individuals, such as automotive credit, personal loans, payroll credit, credit card and microcredit; as well as for commercial credits directed to companies or individuals with business activity ”.

And it is that, he stressed, before the health and financial contingencyThis support will benefit the well-being of the accredited population, since it will allow them to defer their payments with respect to consumer, housing and commercial loans. (Ntx)