JMMB Bank offers loan packages to specialised workers

JMMB Bank offers loan packages to specialised workers

Friday, September 04, 2020

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JMMB Bank has tailored a special financing package workers on the COVID-19 front line. The package offers these workers special rates on auto loans; mortgages and home equity and unsecured loans.

The bank said that the move was undertaken as a part of its appreciation and support of frontline workers who have been at the centre of the COVID-19 fight. Essential workers, first responders, civil servants, Government and select private sector employees working in the health care, manufacturing, information technology, education and transportation sectors are also set to benefit from this offer.

According to Moya Leiba-Barnes, general manager, client partnership at JMMB Bank, there was no better way of saying thanks to these individuals who have been risking their lives daily and putting country above self.

“In spite of the uncertainties caused by COVID-19, JMMB Bank remains committed to partnering with individuals to assist them to stay on track with their goals and ease the burden, in doing so,” she said.

In a recent news release, the bank said these employees will stand to benefit from some of the lowest rates on loans in the industry, to be pushed by its “bounce back” campaign which ends on September 30.

“These individuals can take advantage of interest rates as low as 6.85 per cent per annum (p a) on new cars (with the exception of commercial vehicles) with up to 10 years to repay; while interest rates on used cars start at 7.0 per cent pa, with a maximum of nine years to repay.

JMMB Bank will also provide joint mortgage financing with the National Housing Trust (NHT), with an interest rate of 6.90 per cent p a on residential properties and lots, for up to 40 years, on the JMMB Bank loan portion, with 35 years for the NHT portion; in addition to home equity loans starting at 7.25 per cent p a, with a maximum tenure of 15 years,” the bank said.

“Additionally, unsecured loans, of more than $500,000, can be accessed at interest rates as low as 14.5 per cent p a— to offset unexpected expenses and to consolidate high interest debt. As a bonus, these loans are backed by a creditor life insurance component, to protect the life of the applicant and to ensure that in the event of death, one's family members are not weighed down by this unforeseen debt,” the release also said.

The bank at the onset of the pandemic had also provided a financial lifeline, in the form of moratoriums, extended credit facilities and the maintenance of its pre-existing 'no late payments policy on loans, to those whom, it believes, are amongst its most vulnerable clients including: entrepreneurs, small and medium-sized enterprises (SMEs) and tourism workers.

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