In line with the recommendations of the Central Bank of Bahrain and as part of the National Bank of Bahrain’s pledge to support the community and national economy at all times, NBB will offer customers the option to postpone installments on their Retail, Commercial & SME loans for the duration of six months; commencing in January 2022.
The initiative falls in line with the Central Bank of Bahrain’s directives to provide financial relief to customers affected by the effects of the COVID-19 pandemic, while working towards supporting the local economy. NBB customers will have the option of postponing installments on their Retail, Commercial and SME loans from January 2022 for a period of six months, providing relief on standing loan installments. The instalment amounts and the interest rate will remain unchanged. Rescheduled loans will be subject to additional interest without rescheduling fees.
Retail customers who wish apply for the loan deferral are required to apply online through the Bank’s online portal, which will be available starting from January 3rd until January 16th, 2022. Customers will also receive an SMS, notifying them of the portal’s availability, and further instructions on how to apply for a deferral can be found on the Bank’s social media platforms.
Subah AlZayani, Chief Executive – Retail Banking at NBB, said: “This initiative is one of NBB’s many efforts to alleviate the financial pressures and burdens on its customers caused by the on-going global COVID-19 pandemic. As the national bank of choice, we constantly strive towards practicing responsible banking and provide our customers with the best products and services. Customers can apply for a loan deferral via NBB’s online portal in an easy and efficient manner. The Bank continues to support the Kingdom’s directives to minimise the impact of the pandemic, promoting economic prosperity.”
Arif Janahi, Head of Commercial & SMEs, added: “Our dedicated team of relationship managers are proactively contacting our Commercial & SME customers advising them on the most suitable options for each client. As part of our contribution to this national initiative that works towards supporting all businesses within the Kingdom, our team aims to maintain a thorough and seamless customer experience by efficiently processing all postponement requests received.”
NBB has already reached out to its corporate customers to relay the processes and procedures required of Commercial & SME clients, and has been actively working with customers wishing to benefit from the loan deferral option available.
Customers can visit the site to fill out their loan deferral request or contact their Relationship Manager directly. Clients can also contact NBB’s Contact Centre on 17214433 for further enquiries. All loan deferral applications must be submitted between January 3rd and January 16th, 2022.