Kingdom of Bahrain: In line with the directive received by the Central Bank of Bahrain, and as part of the National Bank of Bahrain’s pledge to support the community and national economy at all times, NBB will offer customers the option to postpone payments on their Personal, Commercial, SME, and Mortgage loans, including those under the Mazaya scheme, for the duration of six months, commencing in January 2021 and ending in June 2021.
The directed initiative aims to provide financial relief to customers affected by the COVID-19 pandemic, while working towards supporting the local economy. NBB customers will have the option of postponing installment payments on their Personal, Commercial, SME, and Mortgage loans, until June of this year, providing relief on standing loan instalments with an application of interest charges and insurance premium charges for the desired postponement period, as directed by the Central Bank of Bahrain.
In order to apply for a personal or mortgage loan postponement plan, retail customers will be required to fill an online application available on the NBB website. Upon clicking the link, customers will be directed to a digital application platform, where they will be required to provide CPR number and await a first OTP confirmation number needed to access the page, and subsequently enter their loan information and deferral preference details for processing. Once the information is entered correctly, customers will then receive a second OTP number to verify their identity and provide NBB with the necessary consent to automatically defer their loans.
Customers who wish to opt for the loan deferment option must fill out the online application form before the 17th of January 2021, as the programme will stop accepting requests past the aforementioned date.
Subah Abdullatif Al-Zayani, Chief Executive of Retail Banking, stated: “NBB is always keen on providing the maximum support in relation to the Kingdom of Bahrain’s initiatives towards its citizens and residents by providing the outmost comfort and convenience. Furthermore, in line with NBB’s overall strategy of extending its support during the pandemic caused by COVID-19 and diluting the economic and social impact, 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. In addition, as part of NBB’s dedication towards our elderly citizens, we have increased the insurance coverage for personal loans to encompass eligible customers aged up to 74 years. We continue to provide solutions and create initiatives designed to support our Kingdom and our customers as part of our promise of being ‘Closer to You’.’
As for Commercial & SME loan postponement, NBB is already in the process of contacting clients via email confirmations, with designated teams assigned to relay the processes and procedures required of Commercial and SME clients over the next few weeks in order to benefit from the loan deferral option available.
Arif Janahi, Head of Commercial & SMEs, added: “Our dedicated team of Relationship Managers is proactively contacting designated Commercial and SME accounts and requesting an official communication listing the desired facilities in need of deferrals. As part of our contribution to this national initiative for the benefit of all businesses within the Kingdom, our team aims to maintain a thorough and seamless customer experience to efficiently process all deferral requests upon receipt of the required letters from their clients.”
Customers are requested to contact NBB’s Contact Centre on 17214433 for further enquiries, or visit www.nbbonline.com to fill out their loan deferral request.
© Press Release 2021
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