Suspension of instalment repayment for business

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Suspension of instalment repayment

If your company is entitled to benefits under the PFR 2.0 Financial Shield, i.e. you operate in one of the industries listed on the website of the Polish Development Fundlink opens in a new window, individual agricultural or agritourism activities, you can suspend the repayment of principal and interest instalments or only principal instalments on special terms.


You can suspend a maximum of 9 instalments in total, taking into account all previous deferral periods.

You can suspend the repayment of cash loan, investment loan or mortgage loan instalments for your business development, depending on your needs.



The loan instalment suspension offer is available from 18.01.2021 to 31.03.2021.

Conditions

You can applyfor suspension of instalment repayment if you meet the following conditions:

How to get the repayment suspension?

If you run a sole proprietorship or individual agricultural or agritourism activities, you can not only go to a branch, but also call TeleMillennium helpline. Connection fee in accordance with the operator's tariff.

  1. 1
    How to get the repayment suspension? -

    Call 801 31 31 31 or 22 598 41 61.

    At first, you will be asked to enter P@ssword 1 or Telekod.

  2. 2
    How to get the repayment suspension? -

    During the conversation with the consultant, submit an application.

  3. 3
    How to get the repayment suspension? -

    You will receive information about the decision via SMS.

  1. 1
    How to get the repayment suspension? -

    Go to any Bank Millennium branch.

  2. 2
    How to get the repayment suspension? -

    Sign the application prepared by the consultant.

  3. 3
    How to get the repayment suspension? -

    You will receive information about the decision via SMS.

In the case of positive outcome you will also get a confirmation letter sent to company's coresspondence address or in the case of a loan covered by a de minimis guarantee, you will be invited to sign an annex to the agreement at a Bank branch.

How it works

Suspension of instalment repayment is available for credits repaid in principal and interest instalments and it includes up to 9 following principal and interest instalments or only principal instalments.

The Bank charges no fees for the suspension of instalment repayment.


Cash Loans (repaid in equal instalments)

As a result of suspension of principal and interest instalments:

  • interest accrued for the suspension period will be paid first, i.e. in the next instalments after deferral
  • the number of outstanding instalments will not change, but the repayment period will be extended by the number of suspension months, maximum of 9 months, taking into account all previous deferral periods
  • as a result of deferred payment, the total cost of the loan and the last instalment will increase due to accrued interest also during the deferred period; if the last instalment was higher than 3 times, the other instalments will increase in all loan instalments

As a result of suspension of principal instalments:

  • during the deferral period only interest instalments will be payable on dates consistent with the current schedule, and the first principal and interest instalment will be payable after the deferral period
  • the total cost of the loan will increase and the repayment period will be extended by the number of months in which capital instalments are suspended

Investment loans and Mortgage Loans for Business Development (repaid in equal and decreasing instalments) or cash loans (repaid in decreasing instalments)

During the suspension of repayment, interest is accrued on the capital of the loan that remained to be repaid before deferring repayment.

As a result of suspension of interest and principal instalments at the end of the deferral period:

  • interest will be added up and added to the amount of debt
  • the principal and interest instalments will be recalculated in the remaining repayment period, taking into account the increased amount of debt to be repaid and the repayment period extended by the selected number of months of the repayment period, maximum of 9 months, taking into account all previous deferral periods - therefore subsequent loan instalments will be higher

As a result of suspension of principal instalments:

  • during the deferral period only interest instalments will be payable on dates consistent with the current schedule, and the first capital instalment will be payable after the deferral period
  • the total cost of the loan will increase and the repayment period will be extended by the number of months in which capital instalments are suspended

The difference in instalments before and after suspension will depend on:

  1. remaining repayment period - the longer it is, the smaller will be the difference in instalments (the loan amount will be spread over more instalments), but at the same time the sum of interest instalments paid in the whole period will be greater than for a shorter period (interest paid for longer period of time)
  2. credit amount - the higher it is, the greater will be the difference in instalments paid in PLN
  3. the instalment type:

    • decreasing instalments - the amount of interest decreases during repayment, so the shorter the period remaining, the interest accrued during the deferral will be lower
    • equal instalments - the interest share in the instalment is higher in the initial repayment period and smaller in the final repayment period, so the closer the end of repayment, the smaller the amount of interest will be suspended during the postponement, and then added to the principal amount