Thursday, April 09, 2020

Bank Of Africa Offers Loan Deferral Up To 3 Months To Customers

    April 09, 2020   No comments

Bank of Africa, Kenya
 Bank of Africa (BOA) Kenya is taking even more measures that will easy their customers' life during this hard time caused by Coronavirus pandemic.

Among other measures, the bank has promised to accept loan deferrals for up to 3 months from both individual customers and SMEs. This will mean customers will suspend monthly repayments of both principal and interest for the duration applied for.This is also renewable.

The other measures include;

  • Individual customers can apply in writing for one month overdraft ( salary advance) and its renewable every month for up to 3 months. 
  • SMEs can request for credit in writing to support their businesses 
  • SMEs can apply in writing for extension of current transactions and in addition receive 1/12  overdraft per month of working capital. 
  • Fx services are still available from Monday to Friday at all branches. 
  • Vendor payment terms have been revised up to 30th June 2020 to support them with cash flow requirements. 

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Mwabaya Katana

About Mwabaya Katana

Mwabaya Katana is a Finance Online Researcher and Writer.He is the founder of 'Loans Kenya' Blog.

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