Care Package FAQ

  • I believe I will have some financial shortfalls over the next few months as a result of the impact of the COVID-19 pandemic. Will Republic Bank be doing anything to help customers who have been impacted?

    - Republic Bank (EC) Limited has revised and extended our COVID-19 Care Package to help customers who have experienced a reduction in income individually or as a household. Moratoriums will be granted on loans, including mortgages for up to three months upon request, once documentation can be provided to the Bank to confirm that you or your household has experienced a reduction in income.
    - Conversion of your credit card balances into a loan, to which a moratorium of up to a maximum of three (3) months can be applied. This will be considered on a case by case basis, upon request, and will also be subject to confirmation of a reduction in income.
    - Temporary increase of credit card limits will be considered on a case-by-case basis, upon request.

  • How can I request a moratorium?
    • Requests can be made by clicking here.
    • Requests can also be made in branch.
  • What moratorium terms are available?
    All qualifying customers can select the option of a three-month moratorium on all loans and mortgages.
  • How does the moratorium work?
    Mortgage and personal loan repayments will be suspended or postponed during the requested period of the moratorium. During this period, you will not be required to make any principal or interest payments, however interest will continue to accrue. Please note that you will not have to pay interest on interest during the period.
  • Will I be required to repay the deferred installments and interest accrued?
    Yes. At the end of the moratorium period, you will have the option to have the loan:
    • Extended by an additional three months, and a new payment amount recalculated.
    • Repaid over the original period of the loan, with the new instalment calculated based on the accrued interest.
    • Regularised by paying deferred payments (principal and interest) as a lump sum and maintain the instalment and exiting maturity date.
  • Can I opt to have a moratorium on the interest only and pay more towards the principal?
    No. For all personal loans, the full payment must be deferred.
  • Do all loans qualify for a moratorium?
    No. If your loan(s) is in arrears by more than 90 days, you cannot obtain a moratorium. If the arrears are less than 90 days you can qualify for a shortened moratorium. Further information will be provided on an individual basis.
  • Why is Republic Bank not making the moratorium automatic for customers?
    As a responsible financial institution, Republic Bank understands that every customer has different needs and we want to ensure that we give customers the ability to choose the best option that fits their unique circumstances and ensure they are better off financially.
  • How will Republic Bank treat with requests for reversals of loan payments for the previous months if the offer is not taken immediately?
    The revised moratorium takes effect from October 2020, therefore, no requests will be entertained for reversals prior to October. However, for partial or full payments made in October and going forward, the branch will determine on a case by case basis.
  • Will this moratorium request negatively affect my credit history?
    No. Once the request is made on or before the normal payment date or within the grace period of the loan facility, your credit history will not be negatively affected.
  • Is there any fee or cost associated with accepting this moratorium?
    No. There is no charge to the customer.
  • Why are there no Moratoriums on Credit Card Payments?
    Due to the high interest cost of credit card debt, we do not believe it would be in the customer’s best interest to miss credit card payments. Therefore, we encourage you to maintain at least your minimum payment. Note, you can now convert your credit card balances into a loan, to which a moratorium of up to three (3) months can be applied. However, this will be done on a case by case basis, upon request, and subject to confirmation of a reduction in income.
  • How much time do I have to accept any of these offers?
    These offers will be available until March 2021. We will revisit the situation based on external circumstances and will advise you of any changes to the package.
  • How long does it take to get the moratorium in place?
    Based on volume of moratoriums requested, the process can take up to seven business days.