NBB’s clients given option to postpone payments

MANAMA: NBB is offering customers the option to postpone payments on personal, commercial, SME, and mortgage loans, including those under the Mazaya scheme, for six months till June.

As directed by the Central Bank of Bahrain, the initiative aims to provide financial relief to customers affected by the Covid-19 pandemic.

Interest charges and insurance premium charges will still apply on standing loan instalments for the desired postponement period, the bank said.

To apply for the loan deferment, retail customers are required to fill an online application available on the NBB website.

The last date for submission of applications is Sunday, January 17.

The bank’s chief executive of retail banking Subah Al Zayani said: “NBB is always keen on providing the maximum support and we have created a seamless and transparent digital journey whereby customers are able to identify the additional interest and insurance charges for the preferred deferral period without the need to visit a branch.”

The bank has also increased the insurance coverage for personal loans to include eligible customers aged up to 74 years.

As for commercial and SME loans, NBB said it is in the process of contacting clients via email, with designated teams assigned to relay the process and procedures required of clients over the next few weeks in order to benefit from the deferral scheme.

Source: http://www.gdnonline.com/Details/912577/NBB%E2%80%99s-clients-given-option-to-postpone-payments