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Trinidad: Scotia to defer loan payments to assist in COVID-19 crisis

By Trinidad Newsday

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(TRINIDAD NEWSDAY) – One commercial bank has taken the decision to defer customers’ loan payments for up to six months as part of its roll out to help people affected by job displacement and other inconveniences related to the government’s clampdown to stem covid19.

Stephen Bagnarol, managing director, Scotiabank in a statement said, “No doubt our customers and their families are being impacted during this challenging period.

“We want them to know that we are here to provide relief and help them manage through the financial stress caused by covid19.”

Bagnarol said these measures will definitely help customers’ cash flows over the next several months.

In a statement on Wednesday, the bank said it will launch a Customer Assistance Programme (CAP) for customers affected by covid19 pandemic.

“As TT copes with the effects of the covid19 pandemic, we are here to help our customers and provide financial relief to those who need it most. The suspension covers loan payments including mortgages, personal loans, credit cards and lines of credit.

“Customers wishing to opt out of the programme can continue to pay their loans as they always have. Those wishing to discuss their eligibility for refinancing or consolidating their debt can call 62- SCOTIA to speak with a representative.”

The bank said the programme will assist retail customers, payments for secured and unsecured loans may be deferred until September.

Debt consolidation and fixed payment plans are available for customers requiring long-term financial assistance. This offer includes mortgages, all Scotia Plan loans, Scotia lines of credit and credit cards.

The bank said loan fees and penalties for late payments will be waived on customer assistance facilities.

“We will also implement a reduction in credit card interest rates small business/business banking customers, payments for secured and unsecured loans may be deferred for up to six months.

“No processing fees will be applied to loans extended for working capital support for businesses affected by covid19 for retail, small business and business banking customers, although no payments may be due during the payment deferral period, interest will continue to accrue and will be payable at a later point in the loan’s cycle.”

The bank said corporate and commercial customers will also be given support to maintain their operations.

“Temporary principal payment relief on term loans of up to six months, with a corresponding extension on the loan, increased working capital lines of credit to cover payments and other business expenses.

“No loan fees for additional working capital for businesses impacted by covid19. The bank will also continue to offer a robust online banking platform to process payments to staff and suppliers thereby providing them with flexibility and ongoing connectivity to operate their business remotely.”

The bank said these offers will be subject to applicable terms and conditions and requests will be assessed on an individual basis.

Customers are encouraged to reach out to their relationship manager to discuss any needs for support.

“Our team is here to support customers with any questions regarding financial needs. Please contact our call centre at 62-SCOTIA which is available 24/7.

“We also ask for your patience and understanding during this challenging period as we are dealing with higher-than-usual volumes of calls. Also stay tuned to our website www.tt.scotiabank.com for further info related to the bank’s CAP as well as all official updates on covid19,” the bank said.

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