BBVA COVID-19 measures

Support to families and companies to overcome the challenges arising from the current epidemiological crisis, BBVA has launched a set of specific measures for its customers.

Formalization of the BBVA COVID-19 Measures

The Application for Accession to BBVA Covid-19 Measures, available below, must be submitted physically or electronically with the signature of the Customer(s). In the case of companies, the application must be signed by the respective legal representatives. Once the application for accession and the documents mentioned in "Necessary Documents for Analysis" have been received, BBVA confirms whether the conditions for the legal framework are in place and then communicates, by the same means that the customer used to formulate his or her application for accession to the BBVA Covid-19 Measures, the decision within the following deadlines:

  • 10 business days if the Customer does not fulfill the requirements.
  • 15 business days if the requirements are met, whereby the BBVA moratorium takes effect from the date of submission of the application for accession

 

Term for applying for accession to BBVA COVID-19 Measures

From March 24, 2020, to September 30, 2020.

Accession to any of the corresponding measures does not mean the customer cannot request the end of the moratorium before the expiry of the agreed term, if applicable.

Assistance program for private customers and sole proprietorships

Eligible Customers

Private Customers and Sole Proprietorships that were not past due on February 29, 2020, had no lawsuits reported in the Central Credit Register (CRC), and need temporary financial support in response to COVID-19.

 

Documents required for analysis

In order for BBVA to proceed with the analysis of the orders placed, it will have to receive the following documentation/information:

  • Application for accession to the BBVA COVID-19 measures, with a brief explanation of why the customer is requesting support, namely, the impact that COVID-19 is having on their daily life and has led them to request specific support;
  • Last available CRC, which substantiates not having any violations as of February 29;
  • Other information/documentation that the Bank considers necessary for the analysis of specific operations.

 

Products included in BBVA Measures

  • Mortgage Credit
  • Consumer Credit
  • Property and Equipment Leasing

 

Mortgage Credit

The Customer may postpone payment and/or make flexible payment of installments, up to a maximum of 6 months, whereby he or she can opt for a grace period on principal and interest or principal only.

This measure will be formalized after a credit analysis by BBVA and by signing an amendment to the contract, entered into on a private document.

 

Consumer Credit

The Customer may postpone payment and/or make flexible payment of installments, up to a maximum of 6 months, whereby he or she can opt for a grace period on principal and interest or principal only.

This measure will be formalized after a credit analysis by BBVA and by signing an amendment to the contract, entered into on a private document.

 

Property and Equipment Leasing

The Customer may postpone payment and/or make flexible payment of installments, up to a maximum of 6 months, whereby he or she can opt for a grace period on principal and interest or principal only.

This measure will be formalized after a credit analysis by BBVA and by signing an amendment to the contract, entered into on a private document.

 

Impacts resulting from the application of BBVA COVID-19 Measures

During the grace period, the Customer suspends payment of the capital and interest components of the installment/amount or only the principal component of the installment/amount while maintaining the interest payment. The term of the contract remains unchanged.

At the end of the grace period, the customer must resume payment of principal and interest. The installment/amount after the grace period will be adjusted to reflect the joint effect of the principal increase of the contract, resulting from non-repayment of the principal, or the principal and interest, during the grace period. The value of the installment/amount to be paid after the grace period will be provided by BBVA to the Customer through a payment plan submitted alongside the draft of the contractual amendment reflecting the agreed contractual changes.

 

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You can request it through the Declaration of Accession to the Private Moratorium “BBVA COVID-19 Measures” - Private Customers.

See the FAQs on the BBVA Moratorium for Private Customers.

 

Program to help corporate customers - Measures to support companies' cash flow

Eligible Customers

Corporate customers that were not past due for more than 30 days on February 29, 2020, had no lawsuits reported in the CRC, and need temporary financial support in response to COVID-19.

 

Documents required for analysis

In order for BBVA to proceed with the analysis of the orders placed, it will have to receive the following documentation/information:

  • Application for accession to the moratorium, with an explanation of the current situation of the company and how COVID 19 is affecting its cash flow;
  • Which Banks the company currently works with;
  • Current declaration by the Social Security Administration and the Tax Authority;
  • Last available CRC, which shows no violations from the past 30 days as of February 29, 2020;
  • Other information/documentation that the Bank considers necessary for the analysis of specific operations.

 

Products included in BBVA Measures

  • Mortgage Loans and Credits
  • Property and Equipment Leasing
  • Commercial Paper Program (PPC) with Interim Repayment
  • Import Financing (FEI) and Export Financing (FEAR), as well as Treasury Loans (TES)
  • Factoring
  • Reverse Factoring
  • Forfaiting
  • Import letters of credit (CDI)

 

Mortgage Loans and Credits

The Customer may postpone payment and/or make flexible payment of installments, up to a maximum of 12 months, whereby he or she can opt for a grace period on principal and interest or principal only.

This measure will be formalized after a credit analysis by BBVA and by signing an amendment to the contract, entered into on a private document.

 

Property and Equipment Leasing

The Customer may postpone payment and/or make flexible payment of installments, up to a maximum of 12 months, whereby he or she can opt for a grace period on principal and interest or principal only.

This measure will be formalized after a credit analysis by BBVA and by signing an amendment to the contract, entered into on a private document.

 

PPC with intermediate repayment plan

The Customer may defer, up to 12 months, the reduction of the PPC limit.

This measure will be formalized after a credit analysis by BBVA and by signing an amendment to the contract, entered into on a private document.

 

FEI, FEAR, and TES

The Customer may defer the maturity of the operation up to 12 months. This measure will be formalized by means of a specific addition to TES and the Customer's formal request for the extension of the FEI and FEAR.

This measure will be formalized through an amendment to the contract, entered into on a private document.

 

Factoring

Factoring with Recourse: The Customer must send proof of the extension of the agreed invoice maturity to the Bank, in case the Debtor does not pay within the agreed deadline. The maturity date will be changed (if the invoices are not yet due), or a grace period corresponding to the moratorium term will be incorporated or increased. If there is an interest moratorium, the interest payment is canceled, and an equivalent fee is charged for the term of the moratorium.

Factoring without Recourse: In the modality Factoring Without Recourse with Loan Insurance (own or with policy endorsement), the Customer may negotiate an extension of the payment terms with the debtor and an extension of the coverage with the Insurer. The Customer must send, to the Bank, proof of the extension of the invoice maturity agreed with the Debtor, as well as the authorization of the Insurer, when the Customer has arranged its own insurance policy.

In addition to the documents and general information to be submitted, it is necessary to list the extended invoices covered by the measure.

 

Reverse Factoring

By means of this measure, it is possible to defer payment of invoices with maturity within the next 12 months (03/01/2021).

This measure will be formalized by means of a loan contract in the form of CCC, with type and specific draft for this situation, which will be subject to conditional transaction (managed exclusively by BBVA).

In addition to the documents and general information to be submitted, it is necessary to list the invoices covered by the measure.

 

CDI

With this measure, it is possible to settle the CDI (whose fees were charged at the time of the advance) by opening an FEI with a term of up to 12 months.

In addition to the documents and general information to be submitted, it is necessary to submit the invoices covered by the measure.

 

Forfaiting (Reverse Forfaiting)

Reverse Forfaitings result from open and already used CDIs. The payment of CDIs settles Reverse Forfaiting, since the beneficiary has already received the funds in advance.

By means of this measure, it is possible to settle the Reverse Forfaiting (whose fees were charged at the time the advance was issued) with the opening of an FEI with a term of up to 12 months.

 

Impacts resulting from the application of BBVA COVID-19 Measures

Whenever principal and/or interest repayments are suspended, the interest will be capitalized for the financed amount with reference to the time at which it is due and at the current contract rate. The term of the contract remains unchanged. The amount to be paid after this period will be provided by BBVA to the Customer through a payment plan submitted alongside the draft of the contractual amendment reflecting the agreed contractual changes.

 

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You can apply for it through the Declaration of Accession to the Private Moratorium “BBVA COVID-19 Measures” - Private Customers.

See the FAQs on BBVA Moratorium for Companies.

 

We are part of the solution
In the fight against COVID-19, we are backing and expanding the economic aid approved by the Government. Learn about the exceptional and temporary measures pun in place to support the families and businesses affected by the current pandemic.