Can a loan be subject to a “grace period” from interest if approved for persons selected abroad?
Yes. This applies to loans approved for persons selected abroad who are Convention refugees or members of a designated class (persons in refugee-like situations). These people can receive the following grace period for the application of interest on loans: – For loans equal to but not exceeding $1,200, a grace period of 12 months. – For loans more than $1,200 but less than $2,400, a grace period of 24 months. – For loans more than $2,400, a grace period of 36 months.
