Clarien offers to extend loan deferrals


Clarien Bank is extending its loan-deferral programme for another three months to assist customers who have been financially impacted due to the Covid-19 pandemic

Clients must inform the bank of their intention to opt-in to the payment deferral for July, August and September; those who do not wish to defer their payments for those months are not required to do anything and should make their regular scheduled loan payments.

The extended three-month deferral option is available subject to basic qualifying criteria for borrowers with residential mortgages and personal loans of any balance and commercial loans with current balances less than $2 million.

Clients who have been on loan deferral during the period April to June, and those who did not previously take advantage of the deferral offer, may participate.

The bank said it is important to note that during any period of payment deferral the loan interest on the outstanding balance will be added to the loan principal balance and the term of the loan may be extended, which will increase the total amount of interest paid over the full term.

Simon Van de Weg, Clarien’s chief banking officer, said: “The past few months have been challenging for the community and Clarien understands that individual and business circumstances may have changed significantly during this time. We hope that this extended loan payment deferment will be some help in relieving the financial concerns of those clients that may need it.”

In March, Clarien temporarily waived credit card late payment fees and credit card per item over-limit fees, however that benefit ended on April 30. The bank wishes to remind customers that the skip a pay option for credit cards is due to end on June 30. Those who anticipate difficulty in managing credit card payments are encouraged to contact Clarien to discuss the options.

Clarien’s client service centre is available Monday through Friday from 8.30am to 5pm on 296-6969. Further information is also available by visiting www.clarienbank.com, and for the loan payment deferral at www.clarienbank.com/covid19

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Published Jun 18, 2020 at 8:00 am (Updated Jun 18, 2020 at 8:27 am)

Clarien offers to extend loan deferrals

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