The expiration period of the guarantees released due to the situation of the pandemic may be extended for an additional period of a maximum of three years, provided that a series of requirements are met and that the total maturity of the guaranteed operation does not exceed eight years from the date of initial formalization of the operation.
Credit institutions or financial credit institutions will extend the maturity period of guaranteed operations for a maximum of three years if requested by the debtor, and thus the extension of the maturity of the guarantee will coincide with the extension of the maturity of the guaranteed loan. .
In addition, the capital corresponding to the installments of the grace period may, provided there is an agreement of the parties, be accumulated to the last installment of the loan , prorated in the remaining installments or amortized through a combination of both systems. In the event that there is no agreement, it must be prorated in the remaining installments.
Requirements to be met by the debtor
- That the debtor’s request has been mediated .
- That the guaranteed financing operation is not in default (non-payment of more than 90 days), nor is any of the remaining financings granted by the entity to the same client.
- That the debtor does not appear in a situation of delinquency in the consultation of the files of the Central Risk Information Center of the Bank of Spain (CIRBE) on the date of formalization of the extension.
- The financial institution has not communicated to the entity granting the guarantee any non – payment of the operation guaranteed with the debtor on the date of the formalization of the extension.
- That the debtor is not subject to bankruptcy proceedings .
- That the guaranteed financing has been formalized before November 18, 2020.
- That the request for the extension by the debtor to the entity is not later than May 15, 2021 .
- That the debtor complies, to request the extension of the guarantee, with the limits established in the State Aid regulations of the European Union.