By Juma
Customers who have existing loans with Absa Bank Kenya have every reason to smile after the lender extended the deadline for them to apply for loan restructuring.
Absa Bank Kenya had set the deadline for the process on April 16, 2020, but has now been extended to April 23, 2020. In a period of two weeks, Absa has restructured loans worth more than 8.3 billion shillings as a move to cushion customers against the strains of Covid-19.
The Procedure:
Personal loans
Customers with personal loans should send their ID number to 22268 on or before 23 April 2020, after which they will be notified of the outcome of their application.
Scheme loans
These are customers whose loans have been offered through their employers. Customers with Scheme Loans should contact their employers to access the loan repayment relief options available.
Business loans
Business customers should speak to their Relationship Managers or call our contact center on 0722130120/ 0732130120 to access the loan repayment relief options available.
Additionally, we have waived all access charges for the Absa Integrator, our online banking platform that enables business customers to transact in real-time. The waiver on Absa integrator charges is applicable until 30 June 2020.
Credit Card customers
Credit Card Customers can either reduce their repayments to as low as 5 percent of the outstanding balance or pay in equal monthly installments of up to 12 months. To apply, customers should send their ID number to 22268 on or before 23 April 2020.
“Under this program, we offering all customers an initial loan repayment relief of up to three (3) months for Personal Loans, Mortgages, Asset Finance, Credit Cards as well as Business Loans,” said Absa Bank Kenya in a statement.
Customers can request an extension of the repayment relief period to a maximum of 12 months which will be assessed on a case by case basis. Further, customers can extend their credit life insurance cover for three months at no additional cost.
“Customers will not incur any extra processing fees as a result of the relief. However, interest will accrue and the loan repayment period will be extended to accommodate the relief,” said the lender.
If you need to apply for a loan holiday and have your payment period extended
