Bangladesh Bank (BB) has offered concessions to loan defaulters with outstanding loans of over Tk 10 billion. These borrowers will be allowed to reschedule or renew their loans for a period of up to 15 years, including a two-year grace period during which they will not have to make repayments.

BB issued a circular on the matter today, Monday. Defaulters with loans of less than Tk 10 billion have been offered fewer concessions.

Those interested in taking advantage of the facility will have to apply by September. The circular instructs the respective banks to dispose of the applications by December.

Borrowers who have previously benefited from policy support provided by the central bank may also submit fresh applications, the circular added.