LOAN DEFERMENT

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. Our efforts through these relief measures are directed towards helping you focus on the well-being of yourself and your family in this challenging situation. This deferment package is an additional relief to all affected resident customers and businesses that need it the most during these challenging times.

Loan Instalment Deferment extension for April 2021 to September 2021

Omani customers whose salaries have been reduced or leave without pay are able to avail the extension of deferments with no interest from April 2021until September 2021and will need to download the form here: REQUEST FOR MONTHLY INSTALLMENT PAYMENT DEFERRAL

 

Frequently Asked Questions (FAQs)

Q1: 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 of 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.

Q2: Which loans are eligible for deferment?

  • A: All active non delinquent Personal Loan (Salary Related Loan) and Housing Loans are eligible for deferral.

Q3: Are credit card outstanding amounts included under the deferment?
  • A: No

Q4: 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.

Q5: Can this deferred payment be availed by resident and non-resident customers also?
  • A: No, only Omani customers are eligible to avail this deferred payment.

Q6: What about the interest on the loan during deferment?
  • A:Omani customers whose salaries have been reduced or leave without pay are able to avail the extension of deferments with no interest until September 2021.


Q: Will there be charges associated with processing customer deferments?

  • A: No charges are to be levied.

Q8: 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
 
Q9: What are the reasons for applying for a COVID-19 deferment?

  • A: Customers are required to specify the reasons for applying which may include:
    • Leave without pay
    • Salary redction

Q10: Where and how can customers apply for the deferment?

  • A: Customers can apply for the deferment via NBO's mobile banking application.
Customers will then have to submit the supporting documents as proof of hardship to the dedicated email covid19@nbo.om.

 
All customers will need to quote the unique reference number of the mobile application requests in the subject of the email for easy tracking and to serve the customer within the timeline given. If customer is facing difficulties, customer can contact the call center 80077000


Q11: For what period is the deferment offered?

  • A: Omani customers whose salaries have been reduced and leave without pay are able to avail the extension of deferments with no interest from April 2021until September 2021

Q12: What is the cut-off time whilst applying for the COVID 19 deferment?
  • A: Customers must apply for the deferment, 5 working days prior to salary credit as per the process mentioned in Point 10 above

Q13: 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 working days prior to salary credit. If the customer submits the request with clear proof later than 5 days from monthly installment due day or salary credit then the deferment will begin from following month, if he / she has applied for subsequent month deferments.

Q14: How will the deferment affect my loan monthly installment?
  • A: For affected borrowers, the deferment will be applied on the loan installment with no interest charge. This will result in increase in remaining tenure of the loan.

Q15: Which customers are eligible for the COVID-19 deferment?
  • A: Omani customers whose salaries have been reduced or leave without pay

Q16: 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 of COVID related deferments in addition to previous deferments

Q17: Will the insurance premium be charged when availing the deferment?
  • A: Yes, the insurance premium on the loan will be debited as usual
 
Q18: 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 6 months ?
  • A: Yes, 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 the bank may restrict the deferment to actual period of financial hardships only. The customers shall be informed of the approvals via bank channels.

Q19: 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. No deferment of instalments will be given to new granted loans approved after 18th of March, 2021

Q20: What documentation is required when applying for the Covid 19 deferment?

  • A: Documents required:
Valid and recent letter from employer and PASI registration statement.
These documents will have to be sent on the dedicated email address covid19@nbo.om quoting the NBO's mobile banking Application unique reference number in the subject of the email
 

 Reason for
Deferment
Required
Documents
1Salary
Reduction
  • Valid and recent letter from employer
  • PASI registration statement
2Leave without Pay
  • Valid and recent letter from employer
  • PASI registration statement

 

YOU MIGHT ALSO BE INTERESTED IN:


Easy Payment Plan

Easy Payment Plan

National Bank of Oman credit cards can now be used at all your favorite stores to get 6 or 12 months equal installments with 0% interest on the payments. You can also convert any Credit Card purchase at your convenience to an Easy Payment Plan using our Mobile Banking App.