RBC Royal Bank customers throughout the Caribbean were today offered a second round of financial relief owing to the impact of the ongoing coronavirus pandemic with another three-month payment holiday for borrowers.
The bank announced: “Effective immediately, RBC Personal Banking clients in the Caribbean will be able to apply for payment deferrals on auto loans, instalment loans, and mortgages. Clients may defer their payments for up to three months.”
On Monday, the bank said clients could participate in a further three-month deferral programme by applying online through their web browser at https://caribbean.rbcroyalbank.com, and applications should be done by 11:59 p.m. on July 15, 2020.
“Business Banking and Corporate Banking clients may also apply for financial relief, following individual eligibility assessments with a Relationship Manager,” the bank said in today’s announcement.
To be eligible for the programme, client accounts must be current and in good standing as of February 29.
Back on March 18, the Canadian bank initially provided an automatic three-month payment deferral for its Caribbean clients on credit facilities.
At that time, the bank said those deferrals would be applied as of March 17 and remain in effect until June 30 “or until further advised”.
Clients who participated in the first phase of automatic payment deferrals are eligible to apply for these additional deferrals while clients who are already participating in other RBC relief programmes unrelated to the pandemic are excluded from this programme, the Toronto-based bank said.
“The relief programme is intended to provide flexible solutions and help clients manage through the impacts of COVID-19, such as pay disruption, childcare disruption due to school closures, or dealing with the COVID-19 illness itself,” RBC said. “However, clients who are in a position to keep making their regular monthly payments are encouraged to do so.”
RBC officials said they would continue to monitor COVID-19 and the evolving economic conditions in each country and territory where the bank operates.
Adding that other relief measures may be considered if necessary, the bank officials declared that given the long history with regional clients through challenging times “this commitment will continue throughout this crisis and beyond”.