Republic Bank has deferred loan repayment for customers of the bank to help fight the Covid-19 pandemic.
The bank in a statement said the offer of Loan Repayment Deferment for Customers and Staff of the Bank will last for a maximum period of six months.
In addition, the Bank has also introduced automatic waivers until 30th June 2020 on excess fees and late fees on loan repayments.
Managing Director of the Bank, Mr Farid Antar said Republic Bank also recognizes the economic effect of social distancing which has become necessary to stem the spread of the virus.
Mr Farid Antar added that “As a Bank with a heart, we recognize that these are critical times for everyone, with an expected high pressure on cash flows for both individuals and businesses. We have therefore taken a bold decision to offer a loan payment deferment option to our Customers and Staff. This we believe will cushion their cash flows in order to support them to take all precautionary measures needed to protect their families and themselves from the spread of the virus."
Full statement below :