Ever since the outbreak of the COVID-19 pandemic, many economies have had to bear with the negative effects related to the corona virus.
Such effects include rising unemployment rates due to business closures as well as redundancies, unpaid leaves and salary cuts that ultimately interfere with borrowers’ abilities to honor loan repayment obligations.
It is with this in mind, that the president implemented various mitigation measures to cushion against the prevailing negative effects caused by the pandemic.
Such measures included suspension of CRB listing as well as loan restructuring.
Loan restructuring refers to an agreement made between the lender and borrower to alter the loan repayment terms in-order to make it more favorable to the borrower.
Under their COVID-19 preparedness program, NCBA borrowers can now apply for loan relief on asset finance, personal loans, mortgage or credit card loans.
To begin the application process, go to COVID-19 Preparedness Application page
On that page, you will have the 2 options of restructuring:
- Personal loans, mortgage or credit card loans.
This option entails a repayment holiday for 3 months or loan extension period of up-to 12 months.
In addition, applicants are required to state whether it is a 1st restructure or 2nd restructure (renewal ) request.
Also, the reason for loan restructure is required i.e salary reduction, unpaid leave, job loss etc accompanied with the relevant supporting documentation.
2. Asset Finance loan relief