Bank of Valletta has introduced a number of relief measures aimed at helping retail clients as their livelihoods are impacted by the COVID-19 pandemic.
Its supporting measures include:
• Flexible moratoria: A minimum of 3 months moratorium on both capital and interest will be applied for home loans and personal loans. The length of the moratorium will be tailored according to customer’s situation and needs;
• Increases in Overdraft and Credit Card Limits: Assistance will be provided to meet the short-term financial needs of customers through temporary increases in overdraft and credit card limits subject to eligibility criteria at no extra charge;
• Waiver of Fees: No fees will be charged on rescheduling of home loans and personal loans. Late repayment fees on late credit card repayments will also not be charged;
• Extensions on Drawdowns and Utilisation of Credit Facilities: the bank will entertain term extensions on drawdowns and utilisation of loans free of any charges. These extensions will also apply to the facilities featuring fixed term rates.
“These measures continue to build on Bank of Valletta’s commitment to support its customers and providing them with the assurance and peace of mind during these turbulent times,” it said in a statement to announce the measures on Wednesday afternoon.
It is the latest bank to introduce measures aimed at helping those struggling with their personal and home loans. A number of industries have essentially shut down due to the pandemic, such as restaurants, bars, hotels, English language schools, travel agencies and more.
“Bank of Valletta is committed to continue supporting its customers who are being adversely hit by the current COVID-19 scenario, whether this is affecting their employment or business activity.”
Customers who require more details about these measures should not visit the BOV’s branches but are kindly requested to send an email to firstname.lastname@example.org specifying their request, ID number, mobile number and branch where they normally effect their banking.
A BOV relationship officer will contact customers to provide the necessary assistance. Alternatively, customers may call on 2275 3500, Monday to Friday from 8.00am to 4.00pm. Queries sent through email will have a faster response.
Further BOV information and updates on COVID-19 can be found on https://bov.com/content/covid-19-bov-updates