Thursday 26 November, 2020

JMMB Bank offers special loan packages for essential workers

As Jamaica navigates the global COVID-19 pandemic, frontline workers continue to demonstrate the mantra of, country above self, in the daily execution of their duties, even in the face of this crisis.

In a show of appreciation for these individuals, JMMB Bank is offering them a special financing package on: auto loans; mortgages and home equity loans and unsecured loans.

Therefore, essential workers, first responders, civil servants and other government employees and select private sector employees working in the healthcare, manufacturing, information technology, education and transportation sectors, are set to benefit from this offer.

“This is also our way of saying thank you to these individuals, for putting Jamaica first and for showing love and genuine care for their fellow Jamaicans.” Adding, “In spite of the uncertainties caused by COVID-19, JMMB Bank remains committed to partnering with individuals to assist them to stay on track with their goals and ease the burden, in doing so,” said Moya Leiba-Barnes, general manager, client partnership at JMMB Bank.

These frontline employees will benefit from some of the lowest rates in the industry on loans, during the JMMB Bank campaign dubbed, “Bounce-Back”, which runs until September 30, JMMB said in a press release.

As such, these individuals can take advantage of interest rates as low as 6.85 per cent per annum (p.a.) on new cars (with the exception of commercial vehicles) with up to 10 years to repay; while interest rates on used cars start at  seven per cent p.a., with a maximum of nine years to repay.

JMMB Bank will also provide joint mortgage financing with the National Housing Trust (NHT), with an interest rate of 6.90 per cent p.a. on residential properties and lots, for up to 40 years, on the JMMB Bank loan portion, with 35 years for the NHT portion; in addition to home equity loans starting at 7.25 per cent p.a., with a maximum tenure of 15 years.

Additionally, unsecured loans, of more than $500,000, can be accessed, at interest rates as low as 14.5 per cent p.a., to offset unexpected expenses and to consolidate high interest debt.

As a bonus, these loans are backed by a creditor life insurance component, to protect the life of the applicant and to ensure that in the event of death, one’s family members are not weighed down by this unforeseen debt, JMMB said.

Interested individuals can apply for this special financing solution by submitting the necessary documentation, to a JMMB Bank loan representative, including: income verification, tax registration number (TRN), proof of address, national identification and letter of employment.

JMMB noted that the onset of the COVID-19 crisis, it has provided a financial lifeline, in the form of moratoriums, extended credit facilities and the maintenance of its pre-existing ‘no late payments policy’ on loans, to those whom, it believes, are amongst its most vulnerable clients.

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