BEGINNING Monday, Scotiabank will launch its Customer Assistance Programme for customers affected by the COVID-19 pandemic which will see their loan payments for mortgages, auto loans, personal loans, credit cards and lines of credit, deferred for three months or more.

In a recent release, the bank stated that customers who contact Scotiabank indicating they have been impacted by COVID-19 can see these loans being deferred up to six months, but first for a period of three months with the possibility of extension for a further three months.

No processing fees will be applied to loans extended for working capital support for businesses affected by COVID-19. “We are committed to working with our customers to help support them during this time. We know that the COVID-19 pandemic may lead to some customers being in a challenging position financially, so we hope these measures will help them navigate this period,” said Scotiabank Guyana Country Manager, Raymond Smith.

Meanwhile, payments for secured and unsecured loans may be deferred for up to six months and debt consolidation and fixed payment plans are available for customers requiring long-term financial assistance. At the same time, loan fees and penalties for late payments will be waived on customer assistance facilities and the bank will also be

implementing a reduction in credit card interest rates.
The bank has stated that for retail, and business banking customers, although no payments may be due during the deferral period, interest will continue to accrue and will be payable at a later point in the loan’s cycle. “These measures will definitely help customers’ cash flow over the next several months,” the statement said.

Regarding corporate and commercial customers, Scotiabank will be offering support to our corporate and commercial banking customers impacted by COVID-19 across various industries to maintain their operations. These customers are also eligible for temporary principal payment relief on term loans of up to six months, with a corresponding extension on the loan and increased working capital lines of credit to cover payments and other business expenses.

Those who qualify will receive no loan fees for additional working capital for businesses impacted by COVID-19. At the same time, 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. This is also available to business banking customers.

Do note that offers will be subject to applicable terms and conditions and requests will be assessed on an individual basis. Customers are also 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 223-4357 (HELP) which is available 24/7 for further details. We also ask for your patience and understanding during this challenging period as we are dealing with a higher-than-usual volume of calls. Please also stay tuned to our website www.gy.scotiabank.com for further info related to our Customer Assistance Programme as well as all our official updates on COVID-19,” the bank stated.