Corona Virus
There are new rules on deferral of instalments for the extraordinary situation in accordance with Act no. 67/2020 Coll. of laws on some extraordinary measures in financial sector concerning the spread of dangerous contagious human disease COVID-19, which entered into force on 9 April 2020. Should your financial situation be deteriorated due to pandemic, you may apply for deferral of instalments.
Basic Information on Deferral of Instalments:
- It is possible to apply for deferral for a period from 1 to 9 months;
- It is free of any charge;
- Deferred repayment of the loan may be considered to be a relief due to financial difficulties; this indicator will deteriorate your credit rating.
According to Your Actual Financial Situation You may Choose from the Following Instalment Deferral Options:
- Deferral of the loan principal instalments;
- Deferral of repayment of the principal and interest on the loan or;
- Deferral of the bullet loan instalment.
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Despite these positives we would like to recommend that you consider it carefully and request a deferral only if your financial situation requires it indeed. The deferral actually does not mean a waiver of instalments; in accordance with the law the balance of the loan will bear interest even during the grace period. Thus your borrowing expenses will be slightly higher. Check our model case below: |
We recommend that you consider and request deferral mainly if:
- Due to the pandemic measures your company significantly cut back or stopped its operation;
- You have not created a financial reserve in the amount of at least three month loan instalments.
Model case:
Deferral of repayment of the principal and interest for 9 months;
A loan amounting to EUR 10,000 with interest rate of 6.9%, 4-year maturity
The customer asks for deferral of the principal and interest for 9 months, i.e. the total sum of the interest paid:
- before the deferral of instalments: EUR 1,351.30 EUR;
- after instalment deferral: EUR 1,739.40.
Deferral of repayment of the principal and interest for 3 months;
A loan amounting to EUR 10,000 with interest rate of 6.9%, 4-year maturity
The customer asks for deferral of the principal and interest for 3 months, i.e. the total sum of the interest paid:
- before the instalment deferral: EUR 1,351.30;
- after instalment deferral: EUR 1,480.60.
Deferral of the Loan Instalments
On-line Application for Deferral
The easiest way of applying for deferral of instalments is: electronically in MY ČSOB. Log in to Internetbanking MY ČSOB and follow the instructions.
You can use this way if you are self-employed or in case of a legal form of company on behalf of which the statutory representative acts independently (pursuant to the Business Register).
Other Options to Request Deferral
Should you wish to request deferral on behalf of a company where joint acting is required, please follow these instructions:
- download Appplication for instalment deferral
- fill in the requested data, when completed, print the application and sign it;
- scan and send the signed application to the e-mail address according to the annual turnover in your company:
- a customer with turnover up to EUR 1.5 mil podnikatelia_odklad_splatok@csob.sk,
- a customer with turnover EUR 1.5 mil. - 10 mil. SMEpodnikateliaodkladsplatok@csob.sk,
- a customer with its turnover exceeding EUR 10 mil. CORPodkladsplatok@csob.sk.
- It is possible to lodge the application in person to branch, however due to current measures we recommend that you prefer submitting electronically - i.e. to scan the signed request and send it by e-mail.
We will inform you about the result of the scrutinised request for instalment deferral. If the customer receives no appeal for correction of the incorrectly filled request or the request for deferral is rejected within 30 days from the date when ČSOB received the request for deferral, then the deferral of instalments is considered to be authorised.
Frequently Asked Questions
Can I request deferral of the loan instalments if I am an individual?
An individual - entrepreneur (self-employed) or a statutory representative acting on behalf of a legal entity can request deferral of instalments.
What products does the deferral of instalments cover?
The customer can request the deferral of instalment loans (investment loans). It does not apply to bank overdrafts which the customer repays on the basis of repayment agreement (restructured loans).
How to request a deferral?
Use the application for instalment deferral which is available on: https://www.csob.sk/podnikatelia-firmy/koronavirus. It is needed to fill in the entire application, to sign it and send to the email address: podnikatelia_odklad_splatok@csob.sk. If the client´s turnover exceeds EUR 1.5 mil. per year, send your application to the respective e-mail address indicated on the web-site. You can deliver the application in person or by mail, however due to the current extraordinary measures we recommend that you prefer electronic submitting. Besides we are working toward a request for instalment deferral via My ČSOB - our web-site will inform about its launching.
For how long can I defer my instalments?
It will be possible to request instalments deferral for the period from 1 to 9 months, however the customer is allowed to ask for deferral of instalments on a loan only once during the pandemic.
Shall I pay a fee for the request for instalment deferral?
During the pandemic the request for deferral is free of charge pursuant to Act no. 67/2020 Coll. of law.
Are there any other options for companies and entrepreneurs how to deal with the consequences of crisis?
ČSOB keeps providing new financing, we assess a client in a standard manner considering the risk; we communicate individually with every customer. Besides the relevant organisations are preparing a supporting scheme for entrepreneurs through guarantee programmes and bridge loans. You will find information about their launching on our web site.
If I defer loan repayment, will the maturity period prolong or the monthly instalment increase?
Extending of the loan repayment is a preferred option, it means shifting of the final maturity of the loan for the customer versus that one agreed in the original loan agreement. The reason is that the instalments of the principal and regular interest will not increase which the client should have paid after the deferral. If the the final maturity is kept, the deferred instalments (both the principal and interest) will be allocated to the remaining instalments of the customer. We would also like to draw your attention to the fact that instalment deferral does not imply any waiver of instalments, the customer is also obliged to pay the interest for the deferred period.
How long does the process take to approve the application for instalment deferral?
We will inform you individually about the result of the examined request for instalment deferral. Unless the customer receives a request for correction of the incorrectly filled request or the request for deferral is rejected within 30 days from the date when ČSOB received the request for deferral, then the deferral of instalments is considered to be authorised.
How to cancel the instalments deferral so that I can start repaying my loan again?
The customer is entitled to start repaying even in the period of deferred instalments - the customer may do so on the basis of the request to which the bank will give its opinion. This request will be scrutinised according to the terms and conditions agreed in the loan agreement.
Watch the video to find out more about bridge loans and solutions for entrepreneurs.
ČSOB is working hard to have solutions for entrepreneurs who also need a support in form of a new financing in addition to deferred instalments on the existing loans. The main objective is to help entrepreneurs to overcome the current situation and to maintain the job positions.
European Investment Fund Help
COSME
If you are interested, fill in the form below, our loan specialist will be in touch with you.
Read more about COSME covid to find out more information.
This financing is allowed on the basis of a guarantee provided through COMSE and European Fund for Strategic Investments (EFSI) established in accordance with the Investment Plan for Europe. The objective of EFSI is to support financing, to implement the productive financing in the European Union and to provide easier access to financing.
InnovFin
If you require more information do not hesitate to contact your relationship manager.
Learn about InnovFinmore information.
This financing is allowed on the basis of the guarantee provided by InnovFin SME Guarantee Facility with funding of the European Union within Horizon 2020 Financial Instruments and European Fund for Strategic Investments (EFSI) established in accordance with the Investment Plan for Europe. The objective of EFSI is to support financing, to implement the productive financing in the European Union and to provide easier access to financing.
State Aid
Slovak Investment Holding (SIH)
If you are interested, fill in the form below, our loan specialist will be in touch with you.
Find out more information about financing SIH antikorona 1 and SIH antikorona 2.
"SIG antikorona" guarantee programme represents a programme of aid for micro, small and medium companies with aim to ease the impacts of COVID-19 which is provided as a guarantee for loans and interest subsidy. The programme represents de minimis scheme of aid with funding from European Fund of Regional Development and Slovak state budget from the Integrated Infrastructure Operational Programme.
EXIMBANKA SR (EXIM)
EXIMBANKA SR guarantee programme supports small, medium and large enterprises with objective to bridge the adversity caused by COVID-19 pandemic, its purpose is to keep employment, to support urgently financial standing, liquidity and cash-flow of companies and their employees.
- Loan up to EUR 20 mil.
- Attractive interest rate
- Option to defer the instalment of principal and interest for as much as 12 months from the first drawing
- Option to waive the fees if the conditions are met.
The loans are covered by the guarantee from EXIMBANKA SR financial instrument (Anti-corona guarantee).
Accept Contactless and Non-cashless Payments Safely
We will ensure acceptance of payments via the payment terminals
- Made by payment card, mobile phone or watch
- Not only at the counter, on your terrace or outside as well.
Extend Your Business into On-line Space
We will allow you to receive on-line payments
- In your e-shop
- By means of push payments even without e-shop.
Contactless Payments up to EUR 50
The limit for contactless transaction via payment terminal has increased from previous EUR 20 to EUR 50.
ČSOB adjusted the contactless transaction limit in reaction to the current situation which requires heightened hygienic measures mainly in places with higher concentration of persons. Thanks to contactless payment you pay safely and save your time and protect your health.
The rule is if the client makes several contactless payments in a row, after accumulating the amount of EUR 150, the payment terminal may ask the client to enter the PIN code regardless the actual sum to be paid.
If you, being an entrepreneur or company, hold a POS or mPOS terminal from ČSOB, you can accept contactless payments to the amount of EUR 50.
Branch Opening Hours
The branches are open according to the standard opening hours. You will find them in List of branches.
If you visit our branch personally, please respect the branch staff as well as other clients. If you show symptoms of any disease, such as fever, cough, sneezing, general weakness, etc., consider carefully your visit in branch. Thank you.
How to Protect Against Corona Virus?
Attention to Suspicious Messages and Fake E-mails
We register phishing attempts every day - fake emails which try to misuse fear and concerns regarding the spread of corona virus. Please be careful. Do not open a suspicious email with message or attachment.
Take special care when providing your sensitive data for logging in to electronic banking or payment card data; if you receive an e-mail or SMS with request for donation regarding corona virus.
At the same time we recommend that you log in to electronic banking from the csob.sk official site only.
Travel Insurance during Corona Virus
| Due to declaration of the pandemic by the World Health Organisation the travel insurance does not cover the medical expenses incurred as a result of the COVID-19 caused by corona virus. |
Financial Markets during Corona Virus
The corona virus situation has impact on the current market conditions. Regular investment can help.
| An event may occur on the market at any time unexpectedly that may affect current market conditions and therefore a good portfolio allocation remains a decisive investment factor. Not the market timing but the regular investment is cure for the current situation. |
Original interest rate
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Interest rate after deferral
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Overpayment
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