Legal analysis: Don't worry, understand the relevant policies. News from official website, China Banking and Insurance Regulatory Commission, China, 654381October 26th, China Banking and Insurance Regulatory Commission, China issued a notice, requiring banking and insurance financial services institutions to fully cooperate in the prevention and control of pneumonia in novel coronavirus. The notice pointed out that for those who temporarily lost their income sources due to the epidemic, the credit policy should be appropriately tilted, the repayment arrangements of personal credit such as housing mortgage and credit card should be flexibly adjusted, and the repayment period should be reasonably postponed.

Legal basis: Civil Code of People's Republic of China (PRC).

Article 673 Where the borrower fails to use the loan according to the agreed purpose, the lender may stop issuing the loan, recover the loan in advance or terminate the contract.

Article 674 The borrower shall pay interest at the agreed time limit. If the time limit for paying interest is not stipulated or clearly stipulated, and cannot be determined according to the provisions of Article 510 of this Law, if the loan period is less than one year, it shall be paid together with the loan; If the loan term is more than one year, it shall be paid at the end of each year; if the remaining term is less than one year, it shall be paid together with the loan.

Article 676 If the borrower fails to repay the loan within the agreed time limit, it shall pay the overdue interest in accordance with the agreement or the relevant provisions of the state.