BRED Bank Solomon is aware that it plays a vital role in the Solomon Islands economy and will do all in its power to assist BRED Bank customers at this time of need.

In a statement released for members of the Solomon Islands Chamber of Commerce and Industry (SICCI) today (Monday 31 March 2020), BRED Bank CEO, Owen Thomson announced the bank is offering financial relief packages to its existing customers.

For personal loan customers, loan repayments (principal and interest) will be deferred for six (6) months.

“During this period customers do not need to make loan repayments. Principal and Interest owing will be capitalized and added back to each customer’s loan account as it falls due.

“The Bank will extend the loan term by 6 months so that after the 6 months deferred loan repayment period as above, your loan repayments do not increase substantially,” the statement said.

It further stated that the 6 months deferred loan repayments (principal and interest) will automatically apply to all Personal Loans, commencing from each loan’s respective repayment dates on or after 01st April, 2020.

“Personal loans currently in arrears will not be automatically eligible for the 6 months deferment; these loans must be placed in order before becoming eligible.

“Any customer who does not require this deferral and extension relief should formally advise the Bank by Wednesday 8th April 2020. There is no need to contact the Bank to take advantage of this deferral of loan repayments and loan term extension, unless you wish to cancel the deferment.

“The Bank reserves the sole right and discretion to alter this financial relief package for personal loans on a case by case basis should it see fit. Should this be the case, the Bank will advise you accordingly.

“All new loan applications during the relief period will be assessed on case by case basis and loan application fees waived for COVID-19 related loan purposes,” the statement highlighted.

For existing Residential Home Loan, Investment Property Loan and Business Loan customers, flexible options will be available which also include deferred loan repayments (principal and interest) for 6 months as well as loan term extended by 6 months.

Flexibility is also available on Overdraft facilities while some business loans will be subject to approval conditions.

All new loan applications during the relief period will be assessed on case by case basis and loan application fees waived for COVID-19 related loan purposes.

There was a meeting between banks held on Wednesday 25th March at the office of the Central Bank, together with the Ministry of Finance and Treasury.

Commercial banks and financial institutions were present. The general advice is that customers whether private/personal or businesses clients of banks are encouraged to talk to their banks to understand any support and leniency offered in this time.

Apart from BRED Bank, ANZ has also recently announced its own measures including reductions in interest rates.

SICCI members and the general public are advised to please meet with staff or account managers from your banks to understand better their measures.

View the full BRED Bank COVID-19 Relief Package here

View ANZ’s COVID-19 customer support measures here

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