Central Bank Of The Bahamas

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:
  • The Bank may consider granting an additional 3 month loan deferral payment if you for those who were original approved for 3 month and at it completion have not seen an improvement in their financial situation.                   

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. Expiry Date:
Program extended to September 2020

5. How to Apply:
     
  • Contact the Customer Service Representative at (242) 397-3000 or (242) 461-3510 to determine whether you are eligible for a further extension.

(B) Scotiabank

1. Target Group:
  • All persons with a credit facility with the Bank.

2. Benefits:

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. Expiry Date:
Program extended to September 2020.

5.How to Apply:
     
Contact your Customer Service Representative at (242) 356-1697 to discuss your options including your eligibility for refinancing or consolidating your debt.

(C) RBC Royal Bank (Bahamas) Limited

1. Target Group:
  • All persons with a credit facility with the Bank.

2. Benefits:
  •  3 Extension to September 2020 for customers still ex financial situation.

3. Requirements:
 
• The Loan must be in good standing before the onset of the Pandemic.
 
4. Expiry Date:
• Program extended to September 2020.

5. How to Apply:

• Customers should contact the Bank at (242) 356-8500 to discuss options.

(D)  CIBC FirstCaribbean
 
1. Target Group:
• Customers whose income has been negatively impacted by the COVID- 19 Pandemic.

2. Benefits:
  • 3-month extension on the loan deferral.                     

3. Requirements: 
  • Loan must be in good standing before the onset of the Pandemic.

4. Expiry Date:
• Program extended to September 2020.

5. How to Apply:
     
  • The Bank will contact all customers who opt for the program prior to expiration to determine their financial situation and will provide options.
  • 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:
• Extension to the loan deferral program is possible but on a case by case basis.

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. Expiry Date:
 Program extended to September 2020.

5.  How to Apply:
  • Customer may 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
• Customers may contact their respect representative to discuss their options.                  

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. Expiry Date:
• No expiration date has been announced.

5. How to Apply:
Contact Co-Operative Office at (242) 601-5900 between 9:30 a.m. and 1:00 p.m.
(no appointment necessary) for further assistance.