The impact of the COVID-19 crisis on jobs in the Cayman Islands has been widely felt. To help ease the burden for individuals, families and businesses local banks have begun offering significant money saving initiatives. Read on to find out what your local bank is offering to customers.
– A three-month automatic payment deferral programme on all residential mortgages and personal loans in good standing, meaning customers will not be making principal and interest payments for the next three months and any penalties will be waived.
– From Monday 23rd March 2020 KYD and USD Prime rates will be reduced by 1.00% to 3.25%.
– A payment deferral on credit cards for two months beginning in May, meaning customers can skip May and June monthly payments without incurring any late fees.
– Business customers with remaining loan principal of up to $2 million who are facing difficulties can pay interest only on their next three monthly loan payments with no penalties.
– Business and corporate clients with loan values greater than $2 million who wish to discuss credit and payment arrangements should contact their relationship managers, as these arrangements are typically more complex.
– Waiving mortgage repayments for three months for those accounts in good standing. Contact your Cayman National Bank loan office to take advantage of this initiative.
– From Monday 23rd March 2020 KYD and USD Prime rates will be reduced by 4.25% to 3.25%.
– Awaiting updates.
– Awaiting updates.
– Effective immediately, most RBC Personal banking clients in the Cayman Islands will benefit from an automatic three-month payment deferral on credit facilities.
– Business and Corporate banking clients are also eligible for the relief program, following individual eligibility assessments with an RBC representative.
– Automatic payment deferrals will be applied as of March 17, 2020 and remain in effect until June 30, 2020, or until further advised.
– To be eligible for the program, Personal banking or Business and Corporate banking client accounts must be current and in good standing as of March 2, 2020. Clients who are already
participating in RBC relief programs for other circumstances are excluded from this program.
– Scotia Bank is working with customers on a case-by-case basis to help understand, and hopefully alleviate, financial hardships they may be experiencing as a result of COVID-19.
– Support measures are flexible, including payment deferrals for mortgages and relief on credit products for those who qualify.
– Please contact Scotia Bank (or your Advisor or Relationship Manager) and they will work together to find a solution that will hopefully meet your unique needs.
– Scotiabank is dealing with an unprecedented volume of calls and longer than usual response times.
Please check the Scotiabank COVID-19 web page for more updates.