The Guyana Bank for Trade and Industry Limited and Citizens Bank Guyana have become the two latest banks to offer customers delayed payments for their loans in wake of the coronavirus and its impact.
In a statement, GBTI announced that under its loan restructuring plan, customers could get a three to six months moratorium on their loans, a reduction in interest rates, deferral of loan payments and debt restructuring.
Additionally, GBTI customers could benefit from a waiver on late fees on loan payments, a waiver on penalty interest on loans, a waiver on credit card late fees and a waiver on penalties for early withdrawal.
The Bank said in order for customers to benefit for the loan deferrals and fee waivers, they must be in good standing with the bank.
Customers will be considered once they make a request for review of their facilities, GBTI said.
Over at Citizens Bank, it was announced today that its customers will also be eligible for a deferral in loan installments for a period of up to six months, loans could be restructured for those customers impacted by the Coronavirus and overdrafts support will also be determined.
Additionally, Citizens Bank has indicated that all of its customers will benefit from a 3-month waiver in ATM transaction fees. That waiver will also be extended to late fees on loan payments and payroll credit fees.
Like the other banks, Citizens is also reminding its customers that they must be in good standing with the bank to benefit from the relief initiatives.
The bank has also implemented a number of measures to safeguard its customers and staff as concerns about the coronavirus remain.
Earlier this week, the commercial banks reduced their banking hours by two hours. They are now open from 8 am to 12 noon and those opening hours will remain until further notice.