RBC Royal Bank has launched the second phase of financial-relief options for its Caribbean clients impacted by the COVID-19 pandemic.
RBC personal banking clients in the region will be able to apply for payment deferrals on auto and instalment loans, as well as mortgages, for up to three months, stated a press release from the bank.
Business banking and corporate banking clients may also apply for financial relief, following individual eligibility assessments with a relationship manager.
To be eligible for the programme, client accounts must be current and in good standing as of 29 Feb. Clients who participated in the first phase of automatic payment deferrals are eligible to apply for these additional deferrals. However, clients who are already participating in non-coronavirus RBC relief programmes are excluded from this initiative.
The 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 coronavirus itself. But the bank encourages clients to keep making their regular monthly payments if they are in a position to do so.
RBC said it will continue to monitor COVID-19 and the evolving economic conditions in each country and territory where the bank operates and consider other relief measures, if necessary.
Clients can participate in the deferral programme by applying online at https://caribbean.rbcroyalbank.com by 11:59pm EDT on 15 July 2020.