Republic Bank Limited has confirmed that it will be offering a moratorium on loans to its customers, on a case-by-case basis.
The Republic Bank statement comes following negotiations and discussions between local banking institutions and the Central Bank over the last few weeks. Early in May, the Central Bank had issued guidance to banks to consider offering such assistance to customers, along a similar line to that applied early in the COVID-19 pandemic in 2020.
In an advisory issued today, June 1st, 2021, Republic Bank explains that the “loan deferrals may be for a period of up to three (3) months, with expiry no later than September 30, 2021”.
“Republic Bank recognizes that many of our customers may experience challenges in meeting payments on their loans and other credit facilities,” the statement said.
“To this end, customers who have experienced a reduction or loss of income or earnings due to the COVID-19 pandemic will be considered for a loan deferral/moratorium on a case-by-case basis,” the bank added.
Both residential and business customers in need of assistance, who wish to learn more about the offer or apply for a loan moratorium, are being encouraged to visit the bank’s official website at https://republictt.com/covid19/loandeferral.