TORONTO, Canada — RBC Royal Bank has today announced a second phase of financial relief options for its Caribbean clients impacted by COVID-19, following its initial rollout of an automatic three-month payment deferral deal in March.
Effective immediately, RBC Personal Banking clients in the Caribbean will be able to apply for additional deferrals of up to three months on auto loans, instalment loans, and mortgages. The application process, through the bank’s portal at https://caribbean.rbcroyalbank.com, is open until July 15, 2020.
Business Banking and Corporate Banking clients may also apply for financial relief, following individual eligibility assessments with a Relationship Manager.
In order to eligible for the deferment programme, client accounts must have been in good standing as of February 29, 2020. Clients who participated in the bank’s first phase of automatic payment deferrals are eligible to apply for the additional deferment, whereas clients who are already participating in non-coronavirus RBC relief programmes are excluded from the programme.
According to the bank, the relief programme is intended to provide flexible solutions and help clients manage the impacts of COVID-19, such as pay disruption, childcare disruption due to school closures, or dealing with the COVID-19 illness itself. However, clients who are in a position to keep making their regular monthly payments are encouraged to do so.
RBC also indicated that it would continue to monitor COVID-19 and the evolving economic conditions in each country and territory where it operates, and may consider other relief measures, if necessary.