National Bank of Bahrain (NBB) has announced a new plan under which customers can postpone payments on all personal, commercial, SMEs and mortgage loans, including those under the Mazaya housing scheme, for a six-month period, starting from this month. 

 

This comes in line with the directive received by the Central Bank of Bahrain, and as part of the NBB’s pledge to support the community and national economy at all times, said the statement from the Bahraini bank. 

 

The directed initiative is aimed at providing financial relief to customers affected by the Covid-19 pandemic, while working towards supporting the local economy it added.

 

Subah Abdullatif Al Zayani, Chief Executive of Retail Banking, said: "NBB is always keen on providing the maximum support in relation to 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," stated Al Zayani. 

 

"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’,"  he said.

 

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 CBB, he added.

 

Arif Janahi, Head of Commercial & SMEs, said: "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," he stated.-TradeArabia News Service