Last June, the Superintendence of Banks and Other Financial Institutions (SIBOIF) authorized, through Resolution No. CD-SIBOIF-1181-1-JUN19-2020, financial institutions to make changes in credit conditions given the current circumstances the country is going through due to COVID-19. We explain in the following paragraphs what the regulation is about and how you may benefit from it.

The regulation issued by the SIBOIF benefit cardholders, people with vehicle loans, personal loans, home mortgage loans, microcredits, SMEs, agriculture, livestock, industry and commerce credits of these sectors. The regulation allows financial institutions to defer installments and/or extend the payment term originally agreed upon without modifying the other conditions originally agreed upon, unless these are for the benefit of the debtor.


The benefits established in the regulations will be granted only to those loans that as of March 31, 2020 were classified as A or B and were recorded as current, extended or restructured loans.

Among the benefits of this regulation are:

  • Loans will maintain the accounting and risk classification they had as of March 31, 2020, provided that the debtor meets the new conditions agreed for the modified loans.
  • In the case of credit cards, the balance may be negotiated under new, more favorable conditions by means of personal loans.
  • The modification of the existing loans will be exempt from the application of fees (except for legal, notarial and registration fees, among others paid to third parties) and from the updating of the appraisal, if applicable.
  • Initial grace periods of up to 6 months of principal and/or interest may be granted within the extensions granted.
  • The instalments of principal and interest of the grace period may be redistributed in the remaining term of the credit, in a different term or through a lump sum payment at the end of the original term of the credit.
  • In no case shall interest be charged on unpaid interest.

Some restrictions to be taken into account with this new regulation are that credits in which there is evidence of diversion of funds and/or security for other matters non-related to the purpose of the loan will not benefit from this regulation. In addition, temporary credit conditions may benefit the debtor in all its obligations on a single occasion, and will not apply to new credits granted after March 31, 2020. Also, Financial institutions may not grant temporary credit conditions to loans with related parties.

December 31, 2020 is the last day to apply for the temporary credit conditions indicated in regulation No. CD-SIBOIF-1181-1-JUN19-2020.