Scotiabank defers loan payments for customers affected by COVID-19

0

See full statement from Scotiabank below:

Scotiabank to launch Customer Assistance Programme for customers affected by COVID-19 pandemic.

As Guyana copes with the effects of the COVID-19 pandemic, we are here to help our customers and provide financial relief to those who need it most.

Starting next week, Scotiabank will offer assistance to customers who contact Scotiabank indicating they have been impacted by COVID-19, whereby they can have their loan payments deferred up to 6 months (first for a period of 3 months with the possibility of extension for a further 3 months).

The suspension covers loan payments including mortgages, auto loans, personal loans, credit cards and lines of credit.

Raymond Smith – Country Manager, Scotiabank Guyana commented “We are committed to working with our customers to help support them during this time. We know that the COVID- 19 pandemic may lead to some customers being in a challenging position financially, so we hope these measures will help them navigate this period.”

Retail Customers

  • Payments for Secured and Unsecured Loans may be deferred for up to six months
  • Debt consolidation and Fixed Payment Plans are available for customers requiring long-term financial assistance
  • This offer includes mortgages, all Scotia Plan Loans, Auto Loans, Scotia lines of credit and credit cards and will be available for 3 months with the possibility of extension for a further 3 months.
  • Loan Fees and penalties for late payments will be waived on customer assistance facilities
  • We will also be implementing a reduction in credit card interest rates

Business Banking Customers

  • Payments for Secured and Unsecured Loans may be deferred for up to six months
  • Debt consolidation and Fixed Payment Plans are available for customers requiring long-term financial assistance
  • This offer includes mortgages, operating lines, term loans and credit cards and will be available for 3 months with the possibility of extension for a further 3 months.
  • No processing fees will be applied to loans extended for working capital support for businesses affected by COVID-19

For Retail, and Business Banking customers, although no payments may be due during the deferral period, interest will continue to accrue and will be payable at a later point in the loan’s cycle. These measures will definitely help customers’ cashflow over the next several months.

Scotiabank will be offering support to our corporate and commercial banking customers impacted by COVID 19 across various industries to maintain their operations.

  • Temporary principal payment relief on term loans of up to 6 months, with a corresponding extension on the loan
  • Increased working capital lines of credit to cover payments and other business expenses
  • No loan fees for additional working capital for businesses impacted by COVID-19
  • The bank will also continue to offer a robust online banking platform to process payments to staff and suppliers thereby providing them with flexibility and ongoing connectivity to operate their business remotely (also available to Business Banking customers).
  • These offers will be subject to applicable terms and conditions and requests will be assessed on an individual basis. Customers are encouraged to reach out to their Relationship Manager to discuss any needs for support.

Our team is here to support customers with any questions regarding financial needs. Please contact our call center at 223 4357 (HELP) which is available 24/7 for further details. We also ask for your patience and understanding during this challenging period as we are dealing with higher-than-usual volumes of calls. Please also stay tuned to our website www.gy.scotiabank.com for further info related to our Customer Assistance Programme as well as all our official updates on COVID-19.

Leave A Reply

Your email address will not be published.