Precautionary measures we’re taking against Novel Coronavirus COVID-19

At NBO we care for you, due to the current pandemic (Covid-19), NBO is committed to stand with our customers by offering immediate relief measures for those who have been directly and indirectly affected. Our efforts through these relief measures are directed towards helping you focus on the well-being of yourself and your family during these challenging times and is catered for all affected resident customers that need it the most during these challenging times.

 

If you are an Omani who is directly affected and had his/her salary reducted, click here to apply. If you're an indirectly affected customer, click here to see how you can apply.  

  

Frequently Asked Questions (FAQs)
 
1. Q: What is meant by loan deferment?     
A: It is a temporary suspension of loan instalment (including principal & interest) payment obligation for a limited period of time for the resident borrowers / customers of the bank. During this period, the affected customers with loan do not need to make any payment, and no late payment charges will be imposed on them. Affected customers will need to honor the deferred payments in the future as per agreed / revised terms of payments.

2. Q: Which loans are eligible for deferment?     
A: All active non delinquent Personal Loan (Salary Related Loan) and Housing Loans and Overdrafts are eligible for deferral.

3 Q: Are credit card outstanding amounts included under the deferment?     
A: No
 
4 Q: In case multiple loan facilities are availed by the customer, is the deferral applicable for all facilities?     
A: Yes, deferral is applicable to all eligible loans. The customer can select the loan(s) for which he wants to avail the deferral in the mobile banking application.  

5 Q: Can this deferred payment be availed by non-resident customers also?
A: No, only it is for Omanis & resident borrowers are eligible to avail this deferred payment.    

6 Q: What about the interest on the loan during deferment? 
No interest-on-interest on the defer loan / instalments should be charged for all affected borrowers. However, interest will continue to be added (accrued) on the loan (principal of instalments only) that are deferred, and customers will need to honor the payment in the future. Treatment of the interest payments will be as per terms and conditions applicable to the loan facility.
For customers who are directly financially affected due to salary reduction based on which they had taken the loan, shall be offered the deferral without any interest.

7 Q: Will there be charges associated with processing customer deferments? 
A: No charges are to be levied.

8. Q: Is availing the deferment mandatory or optional? 
A: It is optional to avail the deferment. The customer can choose whether to avail the deferment or continue to pay the monthly installment.
For customers who do not wish to avail of deferment, no further action is required, the EMIs will be deducted as normal.

9. Q: What are the reasons for applying for a COVID-19 deferment?
A: Customers are required to specify the reasons for applying which may include:
Directly Affected:
Reduction in salary based on which loan was availed
Indirectly Affected:
Additional income stopped / reduced
Leave without pay
Increased expenses
Other financial impacts

10. Q: Where can customers apply for the deferment? 
A: Customers can apply for the deferment via NBO’s mobile banking application. If customer is facing difficulties, customer can contact the call center
- Directly affected customers (with reduced salaries) are requested to email the required documents to C19@nbo.co.om
- Indirectly affected customers need to apply via NBO mobile application

11. Q: For what period is the deferment offered? 
A: Customers can apply for the deferment for any or all of the months of May, June & July. 
 
12. Q: What is the cut-off time whilst applying for the COVID 19 deferment? 
A: Customers must apply for the deferment, 5 days prior to salary credit    

13. Q: What if the customer applies for the COVID 19 deferment later than the specified 5 day prior to salary period? 
A: Customers must submit their requests at least 5 days prior to salary credit. If the customer submits the request within less than 5 days from monthly installment due day or after the monthly installment due date and the monthly instalment is debited, then the deferment will begin next month, if he / she has applied for next month deferment.    

14. Q: How will the deferment affect my loan monthly installment? 
A: The deferment will be applied on the loan installment. The accrued interest will be added to loan outstanding at the end of deferment. This will result in increase in remaining tenure of the loan.   

15. Q: How many deferments is a customer eligible for during 2020?
A: Customers are eligible for 3 months deferments May to July 2020    

16. Q: Which customers are eligible for the COVID-19 deferment? 

A: The deferment of loan financing instalments as well as related interest is applicable to Affected Omani resident borrowers as below.

Directly affected Omanis borrowers working in private sector with reduced salary: customers who have a reduction in salary will not pay interest payments and additional fees (Applicable to Omani nationals only approved by the Ministry of Manpower)

Indirectly affected borrowers: customers who are financially impacted by COVID will receive an installment deferment without charges, with interest being accumulated

17. Q: If a customer has already taken a deferment prior to the COVID 19 deferment will he / she still be able to avail an additional deferment? 
A: Yes, customers can avail COVID related deferments in addition to previous deferments, provided he/she is not exceeding 3-month deferment

18. Q: Will the insurance premium be charged when availing the deferment? 
A: Yes, the insurance premium on the loan will be debited as usual    

19 Q: If the customer is impacted for a shorter period (eg. 2 months of temporary hardship), would the bank offer him 2 months deferment only in lieu of full 3 months? 
A: Yes, if the bank shall follow an approval process for all deferral requests and if it is established that the period of actual financial hardship is lesser, then bank may restrict the deferment to actual period of financial hardships only. The customers shall be informed of the approvals via bank channels.     

20 Q: If a customer has opted to avail this Covid-19 deferment option, would the customers still be eligible for new loans?
A: Yes, customers’ eligibility for obtaining new loans will not be impacted by availing the deferment facility. However, the bank will evaluate new loan applications as per internal credit policies and risk assessment procedures.    

21: What documentation is required when applying for the Covid 19 deferment? 
A: Documents required:
Directly affected customers:
Request Form from website
Proof of salary reduction from employer
Ministry of Manpower confirmation

Indirectly affected customers:
No documentation required (request done via NBO mobile application)

Any other documents the bank may require