The deadline for Ecuadorian borrowers to access the financial relief option expires on March 31.

By decision of the Committee for Financial Policy and Regulation, the deadline was extended until this month. It was thus expected that the debtors would honor the payment of their obligations and enable the reactivation of the productive sectors to continue.

Beneficiaries of this mechanism are natural persons who have microcredits, productive small and medium-sized enterprises and whose debts are in arrears between January 1, 2020 and June 30, 2022, whose principal is less than or equal to USD 20,000.

How can I apply to restructure my debt in Ecuador and what benefits will I get?

They can take advantage of a term of up to 10 years with a three-year grace period for non-payment of principal or interest, and outstanding interest accrued on the original operation will be charged in refinancing or restructuring from the third to the last year of the total mandate. granted.

BanEcuador also indicated that it will be possible to access new loans in this way. It is estimated that around 26,000 people could benefit from this provision.

Steps to access financial benefits

Step 1. BanEcuador BP already informs its clients that they are beneficiaries of financial incentives through external socialization campaigns by sending SMS messages and WhatsApp. Telephone calls are also made by commercial advisers who inform them about the benefits they will achieve by using Resolution no. JPRF-F-2022-032.

Step 2. The client must go to the facilities of BanEcuador BP, more precisely to the agency where he received the original loan.

3rd step The loan officer must be given:

Step 4. After the data is entered into the system, the manager of the bank will contact you to coordinate the signing of the documents.

Step 5. After the documents are signed and the financial facility is processed, the client’s risk rating will be changed to “A1”.

Monetary relief cannot be obtained by debtors who are in the process of forced collection