To cushion the financial strain that some of its customers might be feeling as a result of the effects of the coronavirus, Scotia Bank has announced that starting next week, it will offer assistance to customers who contact Scotiabank indicating they have been impacted by the coronavirus.

Under its assistance initiative, ScotiaBank will allow those customers to have their loan payments deferred by up to 6 months (first for a period of 3 months with the possibility of extension for a further 3 months). 

The suspension covers loan payments including mortgages, auto loans, personal loans, credit cards and lines of credit.  

The Country Manager for Scotiabank Guyana Raymond Smith said the bank is committed to working with its 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.”

SEE FULL LIST OF MEASURES BELOW

Retail Customers

• Payments for Secured and Unsecured Loans may be deferred for up to six months
• Debt consolidation and Fixed Payment Plans are available for customers requiring long-term financial assistance
• This offer includes mortgages, all Scotia Plan Loans, Auto Loans, Scotia lines of credit and credit cards and will be available for 3 months with the possibility of extension for a further 3 months.
• Loan Fees and penalties for late payments will be waived on customer assistance facilities
• We will also be implementing a reduction in credit card interest rates

Business Banking Customers

• Payments for Secured and Unsecured Loans may be deferred for up to six months
• Debt consolidation and Fixed Payment Plans are available for customers requiring long-term financial assistance
• This offer includes mortgages, operating lines, term loans and credit cards and will be available for 3 months with the possibility of extension for a further 3 months.
• No processing fees will be applied to loans extended for working capital support for businesses affected by COVID-19

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’ cashflow over the next several months.

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.

•             Temporary principal payment relief on term loans of up to 6 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 COVID-19

•             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 (also available to Business Banking customers).

•             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 center 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 higher-than-usual volumes 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.”

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