We are able to offer impacted customers up to three months deferral on payments and interest or financing, with no deferral fees for the following products:
- Auto loans
- Personal loans
- Credit cards – only if the customer has an existing FAB loan or bank account
Deferrals are available for customers who have been impacted as follows (and can provide required evidence / documentation as listed):
- Positive test for COVID-19 (will need to provide a medical certificate, SEHA notification or government recognised health facility notification)
- Reduced income or salary including:
- Salaried individuals with a reduction in salary by 20% or more (will need to provide at least two latest payslips showing a reduced salary)
- Salaried individuals put on unpaid leave (will need to provide a letter/ email from their employer stating they are on unpaid leave)
- Self-employed individuals with reduced cash flow and / or income by 20% or more (will need to provide bank statements, evidence of reduction in rental income, evidence of reduction in monthly VAT)
- Customers who have lost their job or source of employment (will need to provide letter from their employer)
- Investors or landlords with estate financing / mortgages who have a reduced rental income as a result of tenants not be able to pay rent or an increase in vacancies (will need to provide Tenancy Contract Reports / confirmation from property management companies on reduced rentals / letter and cheque copies from tenants showing a reduced rental).
- All required documents need to be available and ready to be uploaded prior submitting the request. Requests without required documents will not be processed.
- Customers can indicate how many months (up to three) they would prefer to defer payments. FAB will make a final decision on an individual basis. Customers would need to have paid previous repayments on time and accounts and/or credit cards with FAB should be in good standing (non-delinquent)
- If there is insurance covering the loan, these payments need to continue through the deferral period
- If you previously applied for and /or received a payment deferral in April and/or May, you are eligible to reapply for cumulative deferrals of up to 3 months further financial assistance if you meet the criteria listed above and upload the required documents with your request.
- If you are not eligible for a three-month deferral, you can apply to defer your loan through the regular deferral process. In this instance, you will receive a one-month deferral of your repayment and will be expected to pay deferral fees. Approval of the deferral will be subject to the standard FAB Deferral Policy.