In this state of public emergency, BRED Bank Solomon says that it will be assisting its customers with financial relief packages.

BRED Bank says that all personal loan repayments will be deferred for six months (principal and interest) starting on the 1st of April 2020.

The six months deferred payment will automatically kick in for all personal loans on the 1st of April 2020, commencing on each loan’s respective repayment date.

BRED Bank says that those customers with arrears will not be automatically eligible but are encouraged to talk to the bank on how best they could settle arrears so that they could be eligible.

BRED Bank says that all new loans will be assessed on a case by case basis but has assured customers that loan application fees will be waived for COVID-19 related loans.

BREB Bank says that flexible options will be available for existing residential home loans, investment property loans and other business loans. This includes, but not limited to, deferred loan repayments for six months as well as loan term extension by six months. The Bank says flexibility is also available for Overdraft facilities.

“Faced with the coronavirus crisis, which is having repercussions on the activity of all regional economic players, BRED Bank Solomon is committed to remaining at your side,” the Bank said in a prepared statement.