Credit card overdue reduction and exemption policy of Mongolian commercial bank

The positive policy of Mongolian commercial bank's credit card waiver is the overdue credit card waiver policy of Mongolian commercial bank.

First, in most cases, the overdue interest of credit cards cannot be reduced in principle, but it can be reduced if the following conditions are met.

1. Bank problem: If the credit card generates interest due to bank reasons, the cardholder may ask the bank to reduce the interest.

2. Force Majeure: If the cardholder is overdue due to major illness, unemployment, bankruptcy and other force majeure factors, he can take the initiative to explain the situation to the bank, and then submit information to prove that the bank will reduce interest after considering it at its discretion.

3. Other reasons: If the cardholder has reached a deferred repayment plan with the bank before the repayment date, but the bank still deducts money on the repayment date, the overdue interest arising therefrom may also be reduced or exempted by the bank.

In principle, the interest rate cannot be reduced if the credit card is overdue, but the interest rate can be reduced if the following conditions are met. Bank problem: if the credit card is overdue and interest is generated due to bank reasons, then the cardholder can ask the bank to reduce interest. Force Majeure: If the cardholder is overdue due to major illness, unemployment, bankruptcy and other force majeure factors, he can take the initiative to explain the situation to the bank, and then submit information to prove that the bank will reduce interest at its discretion. So what is the credit card overdue reduction policy?

Two. The consequences of overdue credit cards are as follows:

1. Additional penalty: If the cardholder's credit card is overdue, the bank will carry out a series of collection work to remind the cardholder to pay the penalty. The longer the overdue period, the higher the fine.

2. Failed to apply for a loan: If the credit card is overdue, it is easy to apply for a credit. In case of credit stain, bad overdue records will be kept for 5 years. Those who are seriously overdue will be blacklisted and may not apply for loans in the future.

3. Blacklist: Credit cards that are seriously overdue will be blacklisted, restricting cardholders' consumption and travel, and more seriously affecting children's attendance at high-end private schools.

4. Prosecution: If the credit card is overdue for three months and the bank fails to return it twice, the bank has the right to sue the cardholder and force the cardholder to return the arrears.

legal ground

Measures for the supervision and administration of credit card business of commercial banks

Article 70 Under special circumstances, if it is confirmed that the amount owed by a credit card exceeds the cardholder's repayment ability and the cardholder is still willing to repay, the issuing bank may negotiate with the cardholder on an equal footing and reach a personalized installment repayment agreement. The longest term of personalized installment repayment agreement shall not exceed 5 years.