1. Target beneficiaries
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- Relief is open to all clients who can prove COVID-19 adverse impact on a case-by-case basis.
- Clients wishing, or able, to continue paying entire or part of their instalments are encouraged to do so.
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2. Conditions
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- Twelve (12) months for loan instalment holiday ( Interest + capital ).
- Existing arrears will not be capitalized; penalty interest of 1.5% will apply on arrears for relief period.
- Instalment that will fall due during relief period will be capitalized and an additional year will be added to client’s loan term.
- Clients who wish to keep to original loan term(s) are free to do so.
- Relief applies to all loans a client has with the Bank.
- Normal instalment payments will resume after the instalment holiday period.
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3. Security & approvals
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- Full (100%) collateral cover is to be maintained.
- Desktop valuations will be conducted to determine collateral scope if valuation is 5 years or less.
- If valuation is older than 5 years, physical valuation will be conducted.
- Client is to sign Power of Attorney for additional bond registration upfront should it be necessary after relief is granted.
- Client is to provide cession from financial institution or insurance company if additional collateral is in the form of investment/ policy.
- Applications for instalment relief are to be granted by Management Credit Committee.
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4. Instalment relief period
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- 12 months from 1 June 2020.
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