Scotiabank offers 6-month loan deferral for customers

COVID-19

As Guyana continues its fight against the spread of the Novel Coronavirus (COVID-19), Scotiabank (Guyana) has come forward to helping its customers by providing financial relief to those who need it most.
As the new week commences, the bank has announced, assistance will be offered to those customers who contact the bank to indicate they have been impacted by COVID-19. Those customers, the bank has said, can have their loan payments deferred up to six months (first for a period of three months, with the possibility of extension for a further three months).
This suspension covers loan repayments in regard to mortgages, auto loans, personal loans, credit cards, and lines of credit.
Country Manager of Scotiabank Guyana, Raymond Smith, has said: “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.”
The bank, in a release, has said that for its retail customers, payments for secured and unsecured loans may be deferred for up to six months. Debt consolidation and Fixed Payment Plans would be 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 three 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”, the release stated. For its business banking customers, Scotia has said that payments for secured and unsecured loans may be deferred for up to six months. Debt consolidation and fixed payment plans would be available for customers requiring long-term financial assistance.
The bank would also be offering support to its corporate and commercial banking customers who have been impacted by COVID-19 across various industries, in order to maintain their operations. The bank has added temporary principal payment relief on term loans of up to six months, with a corresponding extension on the loan; and has increased working capital lines of credit to cover payments and other business expenses.
There will be no loan fees for additional working capital for businesses impacted by COVID-19.
Thousands of persons around the world, including Guyanese, have been affected by the outbreak of COVID-19.