THE CENTRAL BANK OF THE BAHAMAS/DOMESTIC BANKS/CREDIT UNIONS

DEFERRAL OF LOAN FOR BORROWERS DISPLACED BY COVID-19 PANDEMIC PROGRAMME

 

The Central Bank of the Bahamas have arranged with Banks and Credit Unions to provide a 3-month deferral against repayment on credit facilities for businesses and households. 

IMPORTANT NOTE - Credit facilities in which repayment has been deferred will continue to accrue interest, thereby increasing the amount of the loan to be repaid.    Therefore, it is recommended that persons only take advantage of the deferrals when other options or adjustments are not available or less favourable. 

The deferral policy adopted by each Banks and Credit Union varies, as follows:

 

(A)      BANK OF THE BAHAMAS

1.        Target Group:

 Customers whose income has been negatively impacted by the COVID- 19 Pandemic.

2.         Benefits:

3-month deferral, subject to the following:

(a)  Deferral is automatic for Tourism sector employees.

(b) Deferral is not automatic for employees outside the Tourism sectors.

3.         Requirements:

Loan must be in good standing before the onset of the Pandemic.

A letter from your employer evidencing that you were displaced by the Pandemic. 

4.         Commencement and Expiry Date:

The Programme has commenced, and no expiration date has been announced.

5.         How to Apply:      

Deferral is automatic for customers employed in the Tourism sectors; no formal application is required.  

Customers employed outside the Tourism sectors are required to be complete a form, available within the relevant Bank Branch.

For further information contact the Customer Service Representative at  (242) 397-3000 or (242) 461-3510.

 

(B)       SCOTIABANK

1.        Target Group:

All persons with a credit facility with the Bank.

2.         Benefits:

3-month deferral, with the possibility, at the discretion of the Bank, of  a 3-month extension, subject to the following:

(a)  Customers with auto loans, personal loans, term loans, and credit cards are automatically enrolled in the program.

(b) Customers with mortgages, small business loans and home builder loans are not automatically enrolled in the program.

3.         Requirements:

The Loan must be in good standing before the onset of the Pandemic.

4.         Commencement and Expiry Date:

Automatic loan deferrals commenced on 3rd April, 2020.

5.         How to Apply:

Customers with auto loans, personal loans, term loans, and credit cards to who wish to opt out of the program may contact the Bank at (242) 356-1697.

Customers with mortgages, small business loans and home builder loans loan who wish to opt into the program, must contact the Bank at (242) 356-1697 for assistance.

 

(C)      RBC ROYAL BANK (BAHAMAS) LIMITED

1.        Target Group:

All persons with a credit facility with the Bank.

2.         Benefits: 

3-month deferral.  Customers may contact the Bank to opt out of the program.

3.         Requirements:

The Loan must be in good standing before the onset of the Pandemic.

4.         Commencement and Expiry Date:

Automatic loan deferrals commenced on 3rd April, 2020.

5.         How to Apply:

Customers who wish to opt out of the program may contact the Bank at (242) 356-8500.

 

(D)      CIBC FIRSTCARIBBEAN

1.        Target Group:

 Customers whose income has been negatively impacted by the COVID- 19 Pandemic.

2.         Benefits:

3-month deferral, with the possibility, at the discretion of the Bank, of a 3-month extension.                     

3.         Requirements:

Loan must be in good standing before the onset of the Pandemic.

A letter from your employer evidencing that you were displaced by the Pandemic. 

4.         Commencement and Expiry Date:

April 2020 to June 2020.

5.         How to Apply:

Customers desiring to opt into the program, may contact the Bank as follows:

Via mobile app; Online banking platform. 

Direct contact with the Bank Branch via email or phone.

Through the Call Centre at (242) 502-6834.

 

(E)       COMMONWEALTH BANK

1.        Target Group:

Customers whose income has been negatively impacted by the COVID- 19 Pandemic.

2.         Benefits:

3 to 6 month deferral, subject to the following:

(a)        Deferral is automatic for Tourism sector employees.

(b)       Deferral is not automatic for employees outside the Tourism sectors.          .

3.         Requirements:

Loan must be in good standing before the onset of the Pandemic.

A letter from your employer evidencing that you were displaced by the Pandemic. 

4.         Commencement and Expiry Date:

Automatic loan deferrals commenced in April, 2020.  No expiration date has been announced.

5.         How to Apply:

Deferral is automatic for customers employed in the Tourism sectors; no formal application is required.  

Customers employed outside the Tourism sectors are required to be complete a form within the relevant Bank Branch.

For further information contact the Customer Service Representative at (242) 502-6159.

 

(F)       BAHAMA ISLANDS CO-OPERATIVE CREDIT UNION

1.        Target Group:

 BICCU Members needing relief from their Loan Payments.

2.         Benefits

These may vary as follows: 

One (1) month’s waiver of loan payment and deferral of payments for the next two (2) months.

Deferral of loan payments for the next three (3) months (No cash in hand).

Two (2) – three (3) months’ waiver of loan payments.                

3.         Requirements:

Loan must be in good standing before the onset of the Pandemic.

Proof of economic hardship (letter from employer or copy of NIB B80 form).

Most recent pay stub.

Current passport or voter’s card.

4.         Commencement and Expiry Date:

April 2020 to June 2020.

5.         How to Apply:

Contact the Bank’s Office at (242) 601-5900 between 9:30 a.m. and 1:00 p.m. (no appointment necessary) for further assistance.

East Campus Service Times

Sundays at 8 am & 10 am

Bahamas Harvest Church - East Campus
Prince Charles Drive
East of Fox Hill Road
Nassau, New Providence
The Bahamas
242.364.6266
info@bahamasharvestchurch.org
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West Campus Service Times

Sundays at 9:00 am & 11 am

Bahamas Harvest Church - West Campus
RND, Plaza
John F Kennedy Drive
Nassau, New Providence
The Bahamas
242.364.6266
info@bahamasharvestchurch.org