We have provided you with some information below to show you how much additional interest could be applied to your business loan as a result of taking a Payment Break. The information below is for illustrative purposes only and will vary on the amount of interest that will be applied to your business loan as a result of taking a Payment Break:
The below examples represents what a three and six month Payment Break will cost you if you return to capital and interest payments after the Payment Break and we extend the term. There are also some examples that show what a three and six month Payment Break will cost you if you return to capital and interest and you do not extend the term.
There is also an example below that provides you with the cost to you if at the end of your second Payment Break you choose the 3 month moratorium and 3 month extension option.
The first 2 examples below illustrate what could be paid by you if you take a 3 month Payment Break on a loan of €50,000 depending on how you choose to repay your loan after the Payment Break ends, ie, either by repaying your loan with a term extension, or by repaying your loan within its original term.
Illustrative example 1: You avail of a 3 month Payment Break and extend the term of the loan by 3 months.
Term Remaining |
Interest Rate |
Outstanding loan balance |
Monthly repayments due prior the Payment Break |
Monthly repayments due after the Payment Break |
Total amount to repay with no Payment Break |
Total amount to repay with a Payment Break |
Increase to the Cost of Credit |
60 months Capital & interest payments |
6.48% |
€50,000 |
€977.03 |
€977.03 |
€58,621.64 |
€59,737.36 |
€1,115.72 |
Important notice: The above example illustrates that for a loan with an outstanding balance of €50,000 you could have to repay an additional €1115.72 in interest as a direct result of taking a COVID-19 Payment Break and extending the term of your loan.
By extending the term of the loan by 3 months to allow for the 3 month payment period, an additional payment will be needed to clear the extra interest that results from the Payment Break. By referring to the above illustrative example, the figure of €1,115.72 is representative of this additional payment.
Illustrative example 2: You avail of a 3 month Payment Break and do not extend the loan by 3 months, instead you repay it within the original term of the loan.
Term Remaining |
Interest Rate |
Outstanding loan balance |
Monthly repayments due prior the Payment Break |
Monthly repayments due after the Payment Break |
Difference in the monthly repayment due |
Total amount to repay with no Payment Break |
Total amount to repay with a Payment Break |
Increase to the Cost of Credit |
60 months Capital & interest payments |
6.48% |
€50,000 |
€977.03 |
€1,037.18 |
€60.15 |
€58,621.64 |
€59,119.33 |
€497.69 |
Important notice: The above example illustrates that for a loan with an outstanding balance of €50,000 you could have to repay an additional €497.69 in interest as a direct result of taking a COVID-19 Payment Break and repaying the loan within the original term.
Result: For the above 2 examples you can see that repaying your loan within the original term will cost you less than if you choose to repay your loan over an extended term. The above examples demonstrate that you could pay an additional €618.03 in interest which is the difference between the cost of credit figures above.
The next 2 examples below illustrates what could be paid by you if you take two consecutive 3 month Payment Breaks (6 month Payment Break in total) on a loan of €50,000 depending on how you choose to repay your loan after the Payment Break ends, ie, either by repaying your loan with a term extension, or by repaying your loan within its original term.
Illustrative example 3: You avail of two consecutive 3 month Payment Breaks (6 month Payment Break in total) and extend the term of the loan by 6 months.
Term Remaining |
Interest Rate |
Outstanding loan balance |
Monthly repayments due prior the Payment Break |
Monthly repayments due after the Payment Break ( if your loan term is extended ) |
Total amount to repay with no Payment Break |
Total amount to repay with a Payment Break |
Increase to the Cost of Credit |
60 months Capital & interest payments |
6.48% |
€50,000 |
€977.03 |
€977.03 |
€58,621.64 |
€60,872.49 |
€2,250.85 |
Important notice : The above example illustrates that for a loan with an outstanding balance of €50,000 you could have to repay an additional €2250.85 in interest as a direct result of taking a COVID-19 Payment Break and extending the term of your loan.
By extending the term of the loan by 6 months (two consecutive 3 month Payment Breaks) to allow for the 6 month payment period, an additional payment will be needed to clear the extra interest that results from the Payment Break. By referring to the above illustrative example, the figure of €2,250.85 is representative of this additional payment.
Illustrative example 4: You avail of two consecutive 3 month Payment Breaks (6 month Payment Break in total) and do not extend the loan by 6 months, instead you repay it within the original term of the loan.
Term Remaining |
Interest Rate |
Outstanding loan balance |
Monthly repayments due prior the Payment Break |
Monthly repayments due after the Payment Break |
Difference in the monthly repayment due |
Total amount to repay with no Payment Break |
Total amount to repay with a Payment Break |
Increase to the Cost of Credit |
60 months Capital & interest payments |
6.48% |
€50,000 |
€977.03 |
€1,104.78 |
€127.04 |
€58,621.64 |
€59,619.97 |
€998.33 |
Important notice: The above example illustrates that for a loan with an outstanding balance of €50,000 you could have to repay an additional €998.33 in interest as a direct result of taking a COVID-19 Payment Break and repaying the loan within the original term.
Result: For the above 2 examples you can see that repaying your loan within the original term will cost you less than if you choose to repay your loan over an extended term. The above examples demonstrate that you could pay an additional €1252.52 in interest which is the difference between the cost of credit figures above.
The next 2 examples below illustrate what could be paid by you if you take a 3 month Payment Break on a loan of €1,000,000 depending on how you choose to repay your loan after the Payment Break ends, ie, either by repaying your loan with a term extension, or by repaying your loan within its original term.
Illustrative example 5: You avail of a 3 month Payment Break and extend the term of the loan by 3 months.
Term Remaining |
Interest Rate |
Outstanding loan balance |
Monthly repayments due prior the Payment Break |
Monthly repayments due after the Payment Break ( if your loan term is extended ) |
Total amount to repay with no Payment Break |
Total amount to repay with a Payment Break |
Increase to the Cost of Credit |
60 months Capital & interest payments |
4.00% |
€1,000,000 |
€18,410.54 |
€18,410.54 |
€1,104,632.33 |
€1,116,825.27 |
€12,192.94 |
Important notice: The above example illustrates that for a loan with an outstanding balance of €1,000,000 you could have to repay an additional €12,192.94 in interest as a direct result of taking a COVID-19 Payment Break and extending the term of your loan.
By extending the term of the loan by 3 months to allow for the 3 month payment period, an additional payment will be needed to clear the extra interest that results from the Payment Break. By referring to the above illustrative example, the figure of €12,192.94 is representative of this additional payment.
Illustrative example 6: You avail of a 3 month Payment Break and do not extend the loan by 3 months, instead you repay it within the original term of the loan.
Term Remaining |
Interest Rate |
Outstanding loan balance |
Monthly repayments due prior the Payment Break |
Monthly repayments due after the Payment Break |
Difference in the monthly repayment due |
Total amount to repay with no Payment Break |
Total amount to repay with a Payment Break |
Increase to the Cost of Credit |
60 months Capital & interest payments |
4.00% |
€1,000,000 |
€18,410.54 |
€19,479.30 |
€1,068.76 |
€1,104,632.33 |
€1,110,320.27 |
€5,687.94 |
Important notice: The above example illustrates that for a loan with an outstanding balance of €1,000,000 you could have to repay an additional €5,687.94 in interest as a direct result of taking a COVID-19 Payment Break and repaying the loan within the original term.
Result: For the above 2 examples you can see that repaying your loan within the original term will cost you less than if you choose to repay your loan over an extended term. The above examples demonstrate that you could pay an additional €6505.00 in interest which is the difference between the cost of credit figures above.
The next 2 examples below illustrates what could be paid by you if you take two consecutive 3 month Payment Breaks (6 month Payment Break in total) on a loan of €1,000,000 depending on how you choose to repay your loan after the Payment Break ends, ie, either by repaying your loan with a term extension, or by repaying your loan within its original term.
Illustrative example 7: You avail of two consecutive 3 month Payment Breaks (6 month Payment Break in total) and extend the term of the loan by 6 months.
Term Remaining |
Interest Rate |
Outstanding loan balance |
Monthly repayments due prior the Payment Break |
Monthly repayments due after the Payment Break ( if your loan term is extended ) |
Total amount to repay with no Payment Break |
Total amount to repay with a Payment Break |
Increase to the Cost of Credit |
60 months Capital & interest payments |
4.00% |
€1,000,000 |
€18,410.54 |
€18,410.54 |
€1,104,632.33 |
€1,129,149.19 |
€24,516.86 |
Important notice: The above example illustrates that for a loan with an outstanding balance of €1,000,000 you could have to repay an additional €24,516.86 in interest as a direct result of taking a COVID-19 Payment Break and extending the term of your loan.
By extending the term of the loan by 6 months (two consecutive 3 month Payment Breaks) to allow for the 6 month payment period, an additional payment will be needed to clear the extra interest that results from the Payment Break. By referring to the above illustrative example, the figure of €24,516.86 is representative of this additional payment.
Illustrative example 8: You avail of two consecutive 3 month Payment Breaks (6 month Payment Break in total) and do not extend the loan by 6 months, instead you repay it within the original term of the loan.
Term Remaining |
Interest Rate |
Outstanding loan balance |
Monthly repayments due prior the Payment Break |
Monthly repayments due after the Payment Break |
Difference in the monthly repayment due |
Total amount to repay with no Payment Break |
Total amount to repay with a Payment Break |
Increase to the Cost of Credit |
60 months Capital & interest payments |
4.00% |
€1,000,000 |
€18,410.54 |
€20,667.19 |
€2,256.65 |
€1,104,632.33 |
€1,116,028.30 |
€11,395.97 |
Important notice: The above example illustrates that for a loan with an outstanding balance of €1,000,000 you could have to repay an additional €11,395.97 in interest as a direct result of taking a COVID-19 Payment Break and repaying the loan within the original term.
Result: For the above 2 examples you can see that repaying your loan within the original term will cost you less than if you choose to repay your loan over an extended term. The above examples demonstrate that you could pay an additional €13,120.89 in interest which is the difference between the cost of credit figures above.
This last example shows what could be paid by you if you take 2 3 month Payment Breaks, extend the term of your loan by the 2 Payment Breaks and then chose the 3 month moratorium and 3 month term extension option at the end of your second Payment Break.
Illustrative Example 9: You availed of two consecutive 3 month Payment Breaks (6 month Payment Break in total) and extended the term of Credit Facilities by 6 months and you’ve now chosen option 2 which is a 3 month moratorium and 3 month term extension which will extend the term of the Credit Facilities by a further3 months, which means your loan will now be extended by 9 months overall (as available under Option 2)
Term Remaining |
Interest Rate |
Outstanding loan balance |
Monthly repayments due prior the Payment Break |
Monthly repayments due after the Payment Break (if your loan term is extended) |
Total amount to repay with no Payment Break & moratorium |
Total amount to repay with a Payment Break & moratorium |
Increase to the Cost of Credit |
60 months Capital & interest payments |
6.48% |
€50,000 |
€977.03 |
€977.03 |
€58,621.64 |
€62,026.02 |
€3,404.38 |
Important notice: The above example illustrates that for a loan with an outstanding balance of €50,000 you could have to repay an additional €3,404.38 in interest as a direct result of taking COVID-19 Payment Breaks and the moratorium and extending the term of your loan.
By extending the term of the loan by 9 months (two consecutive 3 month Payment Breaks and the 3 month moratorium) to allow for the 9 month payment period, an additional payment will be needed to clear the extra interest that results from the Payment Breaks and moratorium. By referring to the above illustrative example, the figure of €3,404.38 is representative of this additional payment.
Illustrative example 10: You avail of two consecutive 3 month Payment Breaks (6 month Payment Break in total) plus a 3 month moratorium and extend the term of the Credit Facilities by 9 months.
Term Remaining |
Interest Rate |
Outstanding Credit Facilities balance |
Monthly repayments due prior to the Payment Breaks and moratorium |
Monthly repayments due after the Payment Breaks and moratorium (if your Credit Facilities term is extended) |
Total amount to repay with no Payment Breaks or moratorium |
Total amount to repay with Payment Breaks and moratorium |
Increase to the Cost of Credit |
60 months Capital & interest payments |
6.48% |
€50,000 |
€977.03 |
€977.03 |
€58,621.64 |
€62,026.02 |
€3,404.38 |
Important notice: The above example illustrates that for Credit Facilities with an outstanding balance of €50,000 you could have to repay an additional €3,404.38 in interest as a direct result of taking two COVID-19 Payment Breaks and a moratorium and extending the term of your Credit Facilities.
By extending the term of the Credit Facilities by 9 months (two consecutive 3 month Payment Breaks plus a 3 month moratorium) to allow for the 9 month payment period, an additional payment will be needed to clear the extra interest that results from the Payment Breaks and the moratorium. By referring to the above illustrative example, the figure of €3,404.38 is representative of this additional payment.
Illustrative example 11: You avail of two consecutive 3 month Payment Breaks (6 month Payment Break in total) plus a 3 month moratorium and do not extend the Credit Facilities by 9 months, instead you repay within the original term of the Credit Facilities.
Term Remaining |
Interest Rate |
Outstanding Credit Facilities balance |
Monthly repayments due prior to the Payment Breaks and moratorium |
Monthly repayments due after the Payment Breaks and moratorium (if your Credit Facilities term is extended) |
Difference in the monthly repayment due |
Total amount to repay with no Payment Breaks or moratorium |
Total amount to repay with Payment Breaks and moratorium |
Increase to the Cost of Credit |
60 months Capital & interest payments |
6.48% |
€50,000 |
€977.03 |
€1,178.89 |
€201.87 |
€58,621.64 |
€60,123.56 |
€1,501.92 |
Important notice: The above example illustrates that for Credit Facilities with an outstanding balance of €50,000 you could have to repay an additional €1,501.92 in interest as a direct result of taking two COVID-19 Payment Breaks and a moratorium and repaying the Credit Facilities within the original term.
In summary from the illustrative examples #10 & #11 you can see that repaying your Credit Facilities within the original term will cost you less than if you choose to repay your Credit Facilities over an extended term. The above examples demonstrate that you could pay an additional €1,902.46 in interest which is the difference between the cost of credit figures above.