Bank Millennium allows suspension of loan repayment for 3 months

Postponing the repayment of three installments is available by phone at TeleMillennium. In the case of a positive decision, the entire principal and interest installment is suspended and the loan period is extended by the suspension time. The proposal is available to customers who signed a loan agreement before March 18, 2020, at the date of application do not have significant arrears in debt repayment and submit a declaration of inability to service the debt according to the epidemiological situation caused by the coronavirus.

- In the spirit of the declaration made by the Polish Bank Association, we present a proposal that is part of the program of support provided by banks to Poles and Polish economy in this unexpectedly challenging situations - says Joao Bras Jorge, President of Bank Millennium.

As part of the standard solutions previously offered by the Bank, most individual clients can also take advantage of one-month credit holidays, which can be applied for via the Millenet website, and in the case of mortgage loans - also via the bank's hotline.

The bank analyzes the situation and is also working on proposals addressed to companies.

Answers to the most frequently asked questions:

Will I pay a commission for using the 3-month loan repayment suspension?

We do not collect any commission for instalment suspension.

Will the 3-month loan instalment suspension proposed by the bank prolong the lending period by 3 months?

Yes, it will. The lending period will be automatically prolonged by three months.

Do I pay any interest during the 3-month suspension?

No, you don’t. In this period, the full principal and interest instalment is suspended, however, interest is continuously accrued and it will be settled in the later instalments.

Following use of the 3-month repayment suspension and prolongation of the lending period, will I pay higher total interest on my loan?

Yes, you will. I.a. due to the longer lending period and the need to settle your unpaid instalments in later months.
However, please note that you may pay any loan earlier, so if your financial situation improves and you may repay earlier even part of your loan, the cost of interest will decrease.

How about loan insurance, will it also be deferred by 3 months?

In case of mortgage loan the insurance premiums will be collected continuously in order to maintain the continuity of insurance. In case of cash loans the premium is paid upfront and included in instalments, while the insurance is valid only for the original schedule and it will not be continued in the period of the repayment prolonged as a result of using credit holidays.

Will I have to go to a branch in order to use the 3-month loan repayment suspension?

No, you will not. You may use this option online in our Millenet online service and over the phone at TeleMillennium.

The service is available till 30.09.2020