BVI News

Three days remain to apply for loan suspension – NBVI

PRESS RELEASE: Friday, October 27th is the deadline for customers wishing to take advantage of loan concessions at the National Bank of the Virgin Islands (NBVI).

Due to the passage of Hurricane Irma, which struck the territory on September 6, the bank has granted several loan concessions.

For personal loans, the bank has granted a three-month moratorium or a temporary suspension on all loan payments with no action required by customers. Customers wishing to continue with personal loan payments are asked to contact the bank immediately.

For residential mortgages and commercial loans, the bank has also offered a three-month suspension on loan payments. However, customers are required to complete a simplified form confirming the status of their property and/or business, insurance claims, and future intentions.

All payment moratorium requests must be submitted to the bank at its main branch in Road Town by Friday, October 27th.

To assist residents, last week the bank went on a four-day community outreach programme that placed bankers in each district to speak with clients directly and encourage persons to take advantage of the loan moratorium.

Chief Executive Officer of NBVI, Joy Francis, said the activity allowed the bank to interface with appreciative customers.

“It was important for us to reach out to our customers directly to let them know that as their financial partner we want to support them, especially during this challenging time. By all accounts, customers were very pleased to see us in their communities, and the initiative was successful. Please note that in these special circumstances, interest accrued during the three-month moratorium period will not be added to our loan; this is being absorbed by the bank to the customer’s benefit.”

The Board of Directors, management and staff of the National Bank of the Virgin Islands wishes its customers the best in their recovery efforts as everyone unites to rebuild and restore the Virgin Islands.

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