ABSA Bank Kenya has restructured customer loans amounting to over Ksh8.3 billion within the last two weeks. The move is meant to shield customers and provide relief from financial distress occasioned by COVID19.
Under the relief program, all ABSA bank customers will receive an initial loan repayment relief of up to three months for personal loans, mortgages, asset finance, credit cards, and business loans. In addition, customers can request an extension of the relief period to a maximum of 12 months and extend their credit life insurance cover for three months at no additional cost.
Customers will not incur any extra processing fees as a result of the relief. However, interest will accrue and the loan repayment period will be extended to accommodate the relief.