Republic Bank announces moratorium on loans for up to 6 months
In keeping with measures announced by Finance Minister Colm Imbert on Wednesday, Republic Bank Limited (RBL) will implement measures to help alleviate the financial hardship of its customers.
For personal customers, there will be a moratorium on all loans, including mortgages and HELP loans for up to six months. This moratorium will be automatically made available upon request.
Debt restructuring will be considered on case by case basis.
Personal customers can also expect a temporary increase of overdraft and credit card limits, in addition to automatic waivers for the next six months on credit card late fees and over limit fees effective March 20, 2020, overdrawn account fees, late fees on loan repayments, and no penalties for early withdrawal of Certificate of Deposit accounts.
For SME, commercial and corporate customers, RBL will extend a moratorium on all loans for up to six months which will be automatically made available upon request. As with personal customers, debt restructuring will be considered on case by case basis.
A temporary increase of overdraft and credit card limits will also be offered to these customers.
RBL will also offer a reduction in the Merchant Commission fee by up to one percent. Automatic waivers will be applied to credit card late fees and over limit fees effective March 20, 2020; overdrawn account fees and late fees on loan repayments.
There will be no penalties for early withdrawal of Certificate of Deposit accounts.
In terms of the interest rate adjustment, credit card interest rates will be reduced from two percent per month to 1.75 percent each month, effective March 21, 2020. The prime lending rate will also be reduced - from 9.75 percent to 7.50 percent, effective March 23, 2020.
In light of COVID-19 concerns and social distancing protocols to limit the virus’ spread, RBL has advised its customers to limit the number of in-branch visits in favour of its digital and electronic banking channels.
Managing Director, Nigel Baptiste assured that all banks will continue to work together to overcome the COVID-19 crisis.
He said: "We share a collective responsibility; the banks recognise our role in doing that and we are all committed to ensuring that we do what we can to ensure that Trinidad and Tobago survives this human tragedy."
Customers are also encouraged to contact the Corporate Centre or their Home branch regarding any queries or challenges that may be faced. Customers may also email any queries to email@example.com.
For more information, visit: https://www.republictt.com/covid19