The National Bank of Bahrain (NBB) is offering rescheduling loan repayment options for an additional six-month period until December 2021, as per the directives of the Central Bank of Bahrain (CBB).
All NBB customers have the option to postpone instalment payments on their retail loans starting from July 2021 and ending December 2021, a bank statement said.
CBB’s extension mandate aims to alleviate some of the financial burden from those who have been affected by the pandemic, by providing relief on standing loan instalments. Rescheduling of loans will entail interest charges for the desired postponement period, but no additional fees.
As a result of the postponement this will extend the maturity of loans while instalment amounts will remain unchanged.
Retail customers who wish apply for the loan deferral are required to fill out an online application through the bank’s online portal.
Subah Al Zayani, Chief Executive - Retail Banking at NBB, said: “We continue to support the government’s efforts in minimizing the economic impact of the pandemic and providing financial relief during these challenging times, while putting our customers at the forefront of such national directives.
“As part of our responsibility to ensure the safety of our customers during the current pandemic, we have a seamless digital process in place to facilitate applications without the need to visit any physical branch. The process is very transparent and convenient as it enables customers to identify the additional charges for the preferred deferral period.” – TradeArabia News Service
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