Though banks are not being directly hit from the global pandemic, they are at the forefront of public attention. Tens of thousands of consumers are facing great trouble from the current lockdown, which if extended longer may develop difficult circumstances for the general public.
At this difficult time, JS Bank actively steps forward to makean impact on the consumers, that this bank has their back and offers ease on policies in this time of need. It has taken the initiative to support its customers and businesses during the COVID-19 pandemic, bringing forth policies with easier terms & conditions of payments and procedure.
Earlier, State Bank of Pakistan (SBP) with the collaboration of Pakistan Banks Association (PBA) announced a relief package for households and businesses (microfinance, SMEs, corporates, commercial, retail, and agriculture) to cope with their finances during the pandemic. The key highlights of package are:
SBP and PBA expect that the measures above for the relief plan to be followed by banks across the nation. On that note, JS Bank Limited is currently the only bank working actively in curtailing its financial policies accordingly. JS Bank offers itscustomers the option to defer re-payment of principal in the monthly installment by up to a maximum of 12 months based upon request. As mentioned on their official website, following are the loans with revised policies amidst the global pandemic:
Having the opportunity to defer re-payment of principal in the monthly installment, customers can now have the option to simply pay the Markup component, reducing the amount of the Monthly Installment. All JS Bank customers can now request Deferral of Principal Repayment through their nearest JSBL Branch or Drop box location or contact the bank’s Contact Center at 0800-011-22 for more information. However, it is to be noted that the last date for submission of requests is 30th June 2020.
We appreciate every effort JS Bank has put forward and surely see its customers benefitting with the given easy loan policies be it on households, agriculture, automobile or any business. Other banks should also take initiatives and work towards the ease of its customers and the people of Pakistan as actively as we see JS Bank put up with its efforts amidst the Covid19pandemic.