Can penalties be imposed for failure to repay microloans?

No, charging penalties for non-payment of a microloan is prohibited:

• The ban is valid for the period of martial law and for 30 days after its termination or cancellation.
• What is prohibited: Charges are prohibited:
• Fines.
• Penalties.
• Inflationary costs.

Extension of the ban:

• The ban covers both bank loans and microcredits/loans issued by non-bank financial institutions.

Additionally: Despite the prohibition of penalties, the principal amount of the loan and interest continue to accrue if provided for in the agreement. It is recommended to contact the lender to clarify the terms of your agreement.