In response to the anticipated economic and social fallout as a result of the COVID-19 pandemic, Republic Bank recognizes that we have a collective responsibility to ensure the sustainability of the business community, our employees, our customers and ultimately, our country.
In this regard, we seek to bolster our support for all our valued customers by introducing the following measures which will alleviate financial hardship.
Personal customers
- Moratorium on all loans, including mortgages and student loans for up to 6 months, will be available.
- Debt restructuring will be considered on a case by case basis
- Temporary increase of overdraft and credit card limits on a case by case basis
- Automatic waivers for the next 6 months on:
- Credit Card – late fees and over limit fees effective March 20, 2020
- Overdrawn account fees
- Late fees on loan repayments
- Penalties for early withdrawal of Certificate of Deposit accounts
SME, Commercial and Corporate customers:
- Moratorium on all loans for up to 6 months will be made available upon request
- Debt restructuring will be considered on case by case basis
- Temporary increase of overdraft and credit card limits on a case by case basis
- Reduction in Merchant Commission of up to 1%
- Automatic waivers:
- Credit Card – late fees and over limit fees effective March 2020
- Overdrawn account fees
- Late fees on loan repayments
- Penalties for early withdrawal of Certificate of Deposit accounts
The above measures will be for a period of six months initially. Their continuance will be reviewed thereafter.
To be eligible for the Moratorium and Automatic Waivers, customers must be in good standing with the Bank. Customers wishing to opt out of the moratorium are asked to contact our Customer Care Unit on telephone number 437 2273 or email customercare@republicgrenada.com.
As we all work together to overcome these challenging times, Republic Bank continues to advise its customers to limit the number of in-branch visits and utilize its digital and electronic banking channels. Customers are also encouraged to contact their Home branch regarding any other query or challenge that may be faced.
The moratorium we are offering is a postponement of monthly installments, including the principal and interest for a period of 6 months from March 2020.
Interest will continue to accrue during the period of the moratorium.
There are no fees related to this moratorium offer on personal and commercial loans.
However, for loans secured by a Mortgage Bill of Sale, the legal fees or stamp duty must be paid by the customer at the time of restructure if required.
Six months from the original maturity date.
No. You will not pay interest upon interest; however, interest will continue to accrue during the period of the moratorium.
Yes.
At the end of the moratorium period, you have the option to:
- Capitalize the payments for the deferred period and extend the loan by an additional 6 months
- Capitalize the payments for the deferred period and restructure the loan within the remaining period of the original term
- Pay the deferred payments as a lump sum and maintain the installment and existing maturity date
- Place the deferred payments on a separate loan subject to debt servicing ability.
No.
Acceptance of the moratorium is for the full instalments which includes the principal and interest.
With demand/short term loans, requests will be considered on a case by case basis.
Yes.
The new maturity dates of such facilities will be extended beyond the retirement date however, by no more than six months.
No.
Please see the exceptions below:
- Contract employment / contract proceeds: The following must be referred on a case by case basis:
- personal loans which were granted with the intent to be repaid within the contract period
- commercial facilities where the contract proceeds is the source of repayment
- Loans in arrears in excess of three months
- Expired facilities
The deferral was across the board for all loans except those referred to in 8 above.
However there is an option to opt out / not take up the moratorium if so desired via the communication methods below.
- Email: Send an email to customercare@republicgrenada.com. Please ensure you put your branch’s name in the subject line. For example: Request for Moratorium – Grenville Branch.
- Via phone: Call your Branch, Branch Sales Manager, Account Manager, Relationship Manager or Sales Officer.
- Walk-in: As a last resort, you may visit your desired branch.
Requests must be made by April 15th latest.
Instalments made prior to March 2020, the effective date of the moratorium, will not be reversed.
However, reversal of partial / full payments made in March and going forward, will be determined on a case by case basis.
Yes. Your sales staff will advise you of the necessary details.
No. Credit card limit increases, Overdraft increases, and Debt restructuring will be treated in the usual manner.
Automatic waivers for the 6 month period of moratorium from March 2020:
- Credit Card – late fees and over limit fees
- Overdrawn account fees
- Late fees on loan repayments
- Penalties for early withdrawal of Certificate of Deposit accounts
Yes.
Under the moratorium, the loan will be extended for a period of 6 months.
However, requests for a further extension on loans will be determined on a case by case basis and will be subject to the normal lending and restructuring criteria.
Anguilla
Barbados
British Virgin Islands
Cayman Islands
Dominica
Ghana
Guyana
St. Kitts & Nevis 
St. Lucia
Sint Maarten
St. Vincent & the 
Suriname
Trinidad & Tobago
