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Financial Assistance Program

If you’re facing financial hardship, Yoma Bank can help. We have different methods in place to ensure that you have the right relief to get back on your feet faster. We can work with you to provide temporary relief either by reducing or adjusting your repayments to an amount that you and your business can afford. Keep in mind it’s a wise decision to make a partial payment rather than none.


Short term financial assistance program
This principal only and principal plus interest pause program is open to Yoma Bank’s business customers from September until the end of 2021. Application for deferment should be made at least one month prior to your payment date. 

Program Duration - from 1st September to 31st December 2021.


Medium and long-term financial assistance program
As a bank which puts obligations to our customers first, we have reflected on their needs and with the continued impact of COVID-19 on businesses and the economy, we have extended our Relief Program to aid our customers with the recovery.


For Corporate customers
Corporate customers that were approved to enter short term relief program are eligible to apply for extension of the relief program, we have three different method of relief program that could be suitable for your business requirements. Contact your Yoma bank’s relationship manager or visit the branch to apply for extension.
  • 1. Mutual discount on monthly principal repayment 
  • 2. Principal pause only
  • 3. Principal plus interest pause
Program duration - 1st December 2021 to 31st August 2022


For SME, Agricultural and CMHL customers
Customers under SME, Agricultural and CMHL anchor partner categories are eligible to apply for this program even if you were not in the short term relief program. Contact your Yoma bank’s relationship manager or visit the branch for us to provide you with tailored relief program that we can agree to a mutual monthly repayment amount.

Program duration - 9th November 2021 to 30th April 2022 

FAQs

Q) Why is the relief program launched ?

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Yoma Bank understands that the impacts of COVID-19 has created difficult personal and business situations for everyone, which is why we launched these relief programs. They are designed to ease your financial burdens and provide you with some room to breathe, so that you can concentrate on the things that matter the most.

Q) Who is eligible to apply ?

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All business customers with Corporate, SME, Agri and Trade loans which are less than 90 days past due are eligible for application.

Q) How to apply for the program ?

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Our SME Specialists and Relationship Managers are here for you, equipped with the knowledge to explain the different types of relief packages and to help you select the type of relief that is right for you. Once you’ve agreed on a plan, your SME Specialist or Relationship Manager can help you make your application.

Q) Is this program applicable for personal loan customers, such as Home loan, Hire purchase, SMART Credit loan ?

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Current program is for business customers.

Q) How long does it take for request to be approved ? How the bank will notify me if I have been granted or rejected ?

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If you meet the application criteria set out for the relief program you’ve chosen, your SME Specialist or Relationship Manager will be in contact with you throughout the process with live updates. On average, a standard application will be processed within 3 to 5 working days.

Q) How long can I defer my repayments ?

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Your repayments can be deferred until the 31st of December 2021.

Q) I applied for the programs a few days ago, but I haven’t been informed if I am in the program yet or not, how do I follow up ?

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On occasions there may be delays due to public holidays or weekends, but rest assured your application is being processed as fast as possible. If you have any questions or would like a status update, please contact your SME Specialist or Relationship Manager.

Q) What proof of documents are needed to be eligible for the program ?

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The documents required for the application differs from case to case. Your SME Specialist or Relationship Manager will be able to help you navigate the application requirements.

Q) I only found out about this program in mid December, can I still apply ?

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Yes, however in that instance, your relief program will only provide you with relief for 1 payment cycle.

Program Duration - from 1st September to 31st December 2021.

Q) What will happen after the deferral period ?

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After the relief program ends, your loan repayment schedule will return to its original status.