Big State-owned Banks Offer Loan Extensions to Shanghai Residents During COVID Lockdowns

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China’s big state-owned banks have launched a raft of measures to support residents of Shanghai hard hit by the reimposition of lockdown measures at the start of April, including extensions on loan repayments.

State-owned lenders offering extensions on loan repayments in Shanghai currently include Agricultural Bank of China (ABC), Bank of China (BOC), Bank of Communications (BOCOM), China Construction Bank (CCB) and Industrial and Commercial Bank of China (ICBC).

The Shanghai branches of both BOC and ICBC are accepting online and phone applications for borrowers to delay loan repayments on the grounds of straitened circumstances due to COVID-19 lockdowns, while BOCOM’s Shanghai branch is granting a repayment extension of up to three months for home loan borrowers.

CCB is offering an extension on repayments of mortgages and consumer loans of up to 28 days to qualified borrowers, while ABC is also offering special exemptions on home loan repayments to staff participating in pandemic control and prevention efforts.

Other banks in the city are also providing similar relief measures, including Industrial Bank, which is offering repayment extensions of up to three months and loan extension services to micro-and-small enterprises, and Shanghai Rural Commercial Bank, which has loosened repayment requirements for credit card holders.