Republic Bank (RBL) will grant a loan deferral or moratorium to customers affected by income loss due to COVID-19 restrictions on a case-by-case basis.
RBL in a notice posted to its website confirmed that loan deferrals for up to three months will be considered, with expiry no later than September 30, 2021.
Early in May, the Central Bank announced a moratorium on deferred loans until September 30, citing concerns over the financial difficulties faced by the national community in light of the ongoing COVID-19 pandemic.
RBL a week ago said it wasn’t offering deferral options to its customers but have since changed their stance to offer this facility for a second time.
To qualify for the deferral, the bank said existing loans must be current or no more than 60 days (two months) in arrears.
Vehicle loans that are in arrears will not be considered for deferrals.
RBL said referrals won’t be considered for Bridging Loans – unless there is a defined source of funds to pay the interest, with appropriate documentation.