JN Group helps customers to find a way during COVID-19 outbreak
Given the uncertainties for Jamaica in the coming months, and the economic hardships some citizens have begun to experience as a result of the coronavirus disease 2019 (COVID-19) pandemic, the Jamaica National Group has structured a comprehensive response programme to support its members and customers, businesses, and communities, during this period in order to assist with overcoming the challenges.
According to a release from the Group, it is offering the following options to its JN Bank members and customers affected by COVID-19 to reduce any loan- repayment burdens they may face. These options comprise the choice to:
• Defer payments for up to 12 months on loans, with various options to finance debt when servicing resumes;
• Extend their loan tenure in order to reduce monthly instalments;
• Reduce the interest rate where feasible;
• Convert their credit card debt or line of credit to an instalment loan;
• Convert their existing mortgage to a reverse mortgage if they are older than 64 years and especially hard-hit by the circumstances, or convert their existing mortgage to a graduated mortgage;
• Convert their short-tenure debt to a mortgage.
The Group further noted that JN Cayman is offering a three-month moratorium to its members. However, conditions apply.
In addition, JN Bank says that it is also offering speedy access to loans to assist members and customers who may need funds to weather this difficult period. In light of this, members may:
• Request a temporary increase in your JN Bank Visa Credit Card limit if you are in good standing;
• Access the loan equivalent of principal repaid to date on your loan from JN Bank to offset debts or expenses incurred during this period.
Beyond loans and debt restructuring, the following fees will be waived for 30 days, starting March 14, to support members and customers during this time.
• Late-payment fees on all loans;
• Fees on all transactions done via MultiLink ATMs;
• Fees on debit-card purchases;
• Processing fees on loans granted under our Financial Assistance Programme;
• Debit and credit card replacement fees.
JN Bank, alongside its sister company, JN Small Business Loans, will also be providing support to businesses affected by COVID-19 on a case-by-case basis. The options available are as follows:
• Deferred payments for up to 12 months on loans;
• Special relief financing with flexible repayment terms for small and medium enterprises;
• Payment holidays;
• Technical support and advisory services for small-business operators via online sessions and seminars;
• Special products to support new clients who may need assistance and personal loans.
JNSBL will also waive late fees for loan payments until April 30.
For updates and information on the JN Group response to the COVID-19 pandemic, the JN Group has developed a webpage for its members and customers. Persons may access the coronavirus help page by visiting www.jngroup.com/covid-19help. Persons may access the Coronavirus Help Page by visiting www.jngroup.com/COVID-19help.
The JN Group said it is positive that Jamaica will overcome the challenges ahead and continue on its journey to achieving success and development.