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The banks have affirmed their wish to help their customers so that they could cope with the difficult situation. On March 25, the Bank of Estonia decided to lower the systemic risk buffer required of commercial banks from 1% to 0%. This way 110 million Euros is released to the banks, which the banks can use to cover possible loan losses and to issue new loans.

Last updated: 12.05.2020 20:59

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If the loss of income may cause difficulties in loan repayments in due time and in full, contact your loan provider immediately. Quick action before the indebtedness occurs allows good grounds for reaching an arrangement. Also, it is important to take note your credit history would remain positivite, and no notices will be included to the Estonian Credit Register. Additional information: https://minuraha.ee/et/pangandus/laenud/makseraskustes-kaitumine.

Last updated: 28.04.2020 13:12

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The most important thing is to address the problem immediately and contact the loan provider or the leasing company. You need to act fast before the indebtedness occurs, it will provide a good ground for reaching an arrangement. Also, it is important to take note your credit history would remain positive, and no notices will be included to the Estonian Credit Register. Additional information: https://minuraha.ee/et/pangandus/laenud/makseraskustes-kaitumine

Last updated: 28.04.2020 13:13

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Grace period or debt standstill is an agreement with the bank not to repay the principal contributions of the loan during a certain period. Depending on the type of loan and the agreement with the bank or the lender, this may also mean a period of grace from interest payments (e.g. if the income is completely lost). The amount of deferred payments shall be allocated to the rest of the loan period, if necessary, the term of the loan agreement shall be extended. Other terms of the loan agreement are not changed. The duration of grace period is usually 3-12 months for mortgages, 3-6 months for leasing and consumer loans. No service fee is usually charged, or a reduced service fee is charged for contract amendment for grace period. In some cases, depending on the bank's policy, costs may be added in the form of fees for changing the contract. In specific cases, customer-specific distinctions are allowed. If you are already late with the repayment of the loan and have therefore violated the terms of the contract with the lender, the lender may also refuse the grace period. Grace period or debt standstill can be agreed with the lender and is usually due to temporary income reductions. To explore your options, please contact your lender(s). Additional information (in Estonian): https://www.minuraha.ee/et/pangandus/laenud/makseraskustes-kaitumine.

Last updated: 28.04.2020 13:13

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The terms of the insurance are provided in the insurance contract, which also indicates the insurance coverage and duration. If any misunderstandings occur, contact your insurance undertaking (if you have signed the contract through an insurance broker or intermediary, you may also contact them). More information can be found here (in Estonian): https://www.minuraha.ee/index.php/et/kindlustus/probleem-kindlustusega

Last updated: 28.04.2020 21:07

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Grace period is available for clients with decreased solvency. The amount of deferred payments shall be added to the remainder of the loan period, and if necessary, the term of the loan agreement shall be extended. Other terms of the loan agreement will not be changed. Usually service fee is not charged when concluding the contract for the grace period, or lower-than-usual fee is charged. In specific cases, customer-specific derogations can be applied. For consumer financing, small loans and leasing finance, the duration of the grace period is usually 3-6 months.

Last updated: 28.04.2020 21:18

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Small businesses can usually apply for a grace period under a simplified procedure, similar to private individuals. Medium-sized enterprises are handled according to their circumstances and the needs of the company.

Last updated: 28.04.2020 21:19

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Larger companies are handled on a case-by-case basis, and the opening of KredEx Foundation measures are also to be expected. In co-operation with KredEx Foundation, it is possible to use a proportional loan guarantee (50% of the loan amount) or a fixed loan guarantee (35% of the loan amount). The maximum loan guarantee is EUR 5 Million euros or double the company's payroll in 2019 including the social tax. However, the initial amount of KredEx measure is only EUR 100 Million. It is possible this amount will need to be increased.

Last updated: 28.04.2020 21:31

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Loss of income, loss of employment or uncertainty about the future may threaten any family. It is therefore important to have a good overview of your or family's income and expenses, loan liabilities and repayment deadlines, and to consider carefully which expenses can be postponed or cancelled, to survive this difficult period. If you have maintained your income, and it is currently possible, some funds should be set aside for even harder periods to cope with unexpected situations. It would be good to have a financial buffer or some funds for peace of mind which would cover at least 3 months' expenses, but any amount would soften the impact if an unexpected cost is called for, or due the crisis, income is reduced. Additional information: https://blogi.fin.ee/2020/03/3-lihtsat-sammu-mida-teha-rahaliste-raskuste-uletamiseks-ja-valtimiseks/

Last updated: 12.04.2020 12:14

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If possible, it has been recommended to avoid using cash. Coronavirus can survive on contaminated metal, plastic and stainless-steel surfaces for up to 72 hours, on porous materials such as paper and cardboard for up to 24 hours. If you need to use cash, you should pay close attention to hygiene and wash your hands.

We recommend making payments:

  • preferably contactless payment (temporary limit is EUR 50) or
  • bank card, as usual.

Last updated: 09.04.2020 08:50

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More information about the coronavirus and restrictions related to it is available calling 1247 (from abroad +372 600 1247).