In line with the press release issued by the Prime Minister’s Office and subsequent directives by RMA on the Phase II monetary measures, Bhutan National Bank is pleased to announce the following:
1. Interest waiver
100% interest waiver from July – September 2020 and 50% interest waiver from October 2020 – March 2021 is applicable to all qualifying clients with loan outstanding as on 10th April 2020.
2. Deferment of Loan repayment
All qualifying clients with loan outstanding as of 30th June 2020 are eligible for deferment of loan repayment for a period of one year, from 1st July 2020 to 30th June 2021.
All clients are required to submit a duly completed form prescribed by RMA, irrespective of whether they wish to defer their loan repayments or not. The form can be downloaded from below or collected from our nearest branch or extension offices, and the duly completed form must be submitted to the Bank within 30th September 2020, except for those clients who wish to continue repaying regularly during the deferment period, in which case the completed form must be submitted to the Bank positively by 25th July 2020.
For clients residing outside Bhutan, the form should be attested by another Bhutanese with CID details and emailed to one of the focal persons.
3. Incentive for regular repayments during the deferment period
1% interest reduction shall be offered to those clients who submit the duly completed form opting for no deferment and who continue re-paying their installments as per the agreed loan terms.
4.Soft Term Loans to Businesses (Bridging Loans)
Corporate and business clients, who are affected by the COVID-19 pandemic, shall be eligible for bridging loans at concessional interest rates based on their June 2019 tax returns and bank’s assessment norms and due diligence process.
For further information, please contact the following focal officials of the Bank: