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What your bank offers: These are the benefits they give to Mexicans affected by COVID-19

In times of coronavirus, banks have postponed credit payments on their clients.

8 min read

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What your bank offers: These are the benefits they give to Mexicans affected by COVID-19
What your bank offers: These are the benefits they give to Mexicans affected by COVID-19

Many businesses have had to close their doors or their income has been reduced due to the emergency of COVID-19, for this reason the economy of many people will also be affected. In this context, some banking institutions have taken steps to help their clients with the weight of their debts.

Last Wednesday, March 25, the Ministry of Finance said that the banks would offer their users agreements to defer payments and interest on loans as part of several temporary actions to alleviate the economic damage caused by the global coronavirus contingency.

For this reason, we have compiled for you a list of the banks that have announced their measures and which ones you can find so that you are aware of the actions you can take if you are an account holder of any of them:

BBVA

  • People who have credits with this institution may choose to postpone payments for up to four months.
  • It will offer clients that request it, four months of grace in capital and interest for: car loans, mortgage loans, payroll loans, personal loans, credit cards, simple credit for SMEs, business credit cards.
  • It will suspend the collection of commissions for low billing at Point of Sale Terminals (POS), in support of businesses and, for larger business customers, it will offer different support plans suitable for each situation.
  • It will support the expenses in hospitals, sanatoriums, clinics and pharmacies that will soon be listed on its website with six months without interest when paying with credit cards.

These benefits will be available from April 2 and customers can request it at numbers 55 5226 2663 and 55 1054 8020 .

Citibanamex

Through its program ” We want Mexico not to stop “:

  • You can divide the expenses in hospitals, laboratories and pharmacies to 6 months without interest through the available numbers: 55 1226 2639 or 800 021 2345.
  • They will allow you to defer your personal, payroll, mortgage and SME credits for four months with the possibility of extending the benefit for two more months. On credit cards the minimum payment will not be required for 4 months with the possibility of extending two additional months. For this you must register from March 30.

To participate, it is necessary that the account is in the current portfolio as of February 28, 2020.

Scotiabank

This institution will allow you to defer the payment of your credits for four months. Promotion that will be open from April 1st to April 30th.

  • It will offer discounts and months without interest in participating stores.
  • You can get up to six months without interest by calling 55 5728 1900 on all payments with your Scotiabank credit card in medical consultations, dental consultations, pharmacies, hospitals and medical laboratories.
  • It also offers the option of deferring your online purchases to three months without interest and they will return 5% of your purchases made in: supermarkets and online pharmacies as well as in applications or entertainment platforms such as Amazon, Netflix and Izzi.

Santander

The bank announced to its clients that they will be able to postpone their loan payments for four months. This measure applies to credit cards, mortgage loans, auto, payroll, personal and SME loans.

  • It will not require payment of credit cards for four months, including capital and interest, this means that you can choose to pay your balance on your court dates or start paying from the fifth month once the support ends. Business and agricultural cards are excluded from this offer.

  • You can suspend payments on your personal credit for a period of four months. The benefit will be reflected at the end of its life. The same will happen with payroll credits.

  • With respect to the automotive credit, you will not require the payment due for the following four months. The original term of your credit will be extended maintaining the contracted fees.

Also, the option to suspend the payment of your mortgage for four months offers:

  • The suspension of payment to the entire monthly payment, that is: capital, interest, insurance (life and damages) and monthly commission.

  • You can extend the original term of your mortgage credit, maintaining the monthly payment according to the payment scheme that you contracted.

  • The suspension of your first monthly payment will take effect on the next payment date of having registered for the program.

  • By requesting support and suspending your payment, you will not have any impact on your credit history and there will be no collection activities.

For SMEs, they offer the option of applying a grace period to their interest and principal payments on their simple and agile credits for four months without affecting their Credit Bureau.

If you want to access the benefits you can call 55-5169-4392 or enter their website from the first to the 30th of April.

Banorte

  • It will defer payments on your credit cards, that is, no minimum payment will be required for up to four months, without this affecting the Credit Bureau or collection costs.

  • It will give up to six months without interest on purchases over 500 pesos during March and April in hospitals, health services and pharmacies.

  • With respect to the automotive, payroll and personal credit, it will suspend payment for four months, extending the term by seven more months on the original.

  • It will suspend the payment of the mortgage credit for four months, extending the original term by four months.

  • Small and medium-sized companies may defer the interest payment for up to four months for current account credits, and principal and interest for simple credits.

To access the benefits, customers must be up to date with their payments by March 20 and join the program between March 25 and April 30, through the bank's website or by phone at 81-8156- 9691.

HSBC

Your clients may defer their personal, card, payroll, automotive and SME credit for up to six months.

  • The credits of users eligible for deferment of payment will not be considered in their credit history as debt restructuring.
  • Balances can be frozen without ordinary interest charges or they can be postponed or capitalized.
  • The deferment of payment will increase the amount of the periodic payment once the payment schemes are reactivated.
  • If the person has past due payments, they can access a restructuring. The restructuring will depend mainly on its ability to pay.

To access benefits, they must be current in the payment of their credit until the cut applicable to the month of February 2020.

Compartamos Banco

  • They offer the option of deferring payments for up to eight weeks.
  • They will extend the validity of all your insurance at no additional cost.
  • Other benefits are the interest rate discount, Compartamos Protection insurance and elimination of commissions for late payments.

It is important to remember that the business model of this institution is different from that of the others since the microcredits it provides are group and the payments are weekly.

In this way, many of the banking entities have announced what the service measures will be in their different branches and have made their digital resources available.

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