RBC Royal Bank defers loans

RBC Royal Bank has offered a three-month deferral of loans to its regional customers as the Caribbean economies continues to battle the effects of the covid19 pandemic.

It is part of the company’s second phase of financial relief for the region and includes deferrals of auto loans, instalment loans and mortgages.

In a media release, the RBC said, “the relief programme is intended to provide flexible solutions and help clients manage through the impacts of covid19, such as pay disruption, childcare disruption due to school closures, or dealing with the covid19 illness itself.”

The bank however, urged its customers who can make regular monthly payments to do so.

It added that, “RBC will continue to monitor covid19 and the evolving economic conditions in each country and territory where the bank operates and may consider other relief measures, if necessary.”

Customers who wished to apply for the deferral are asked to apply by July 15 via https://caribbean.rbcroyalbank.com

RBC noted that the criterion for the deferral is a current account with the bank that is in good standing as of February 29. It also noted that customers who participated in the first phase of automatic payment deferrals are also eligible to apply but those who are already participating in non-coronavirus RBC relief programmes are excluded.

RBC said business banking and corporate banking clients can also apply for financial relief, following individual eligibility assessments with a relationship manager.