Co-operative Bank of Kenya has asked their customers with active loans and are not able to service them due to COVID-19 pandemic to visit its branches to ask for moratorium.
The bank, however, asked borrowers seeking to defer repayment of loans to provide letters from employers showing proof of salary cuts or job termination as a condition to be considered for the relief.
“You may visit any nearest branch to request for a loan relief through our loan officers. You will require a letter from your employer indicating a salary cut or job termination,” Co-operative Bank said in a notice to customers.
Central Bank of Kenya Governor Patrick Njoroge in March asked Kenyans who would find it hard to service their personal loans because the coronavirus pandemic to request their banks to extend it by one year.
“While the extent of the adverse effects are still evolving, it is already evident that the impact on some of the customers may be severe. To help alleviate the adverse effects, the banks will seek to provide relief to borrowers on their personal loans based on their individual circumstances arising from the pandemic,” he said after a meeting at State House Nairobi, convened by President Uhuru Kenyatta to find measures of stabilising the economy in the face of the pandemic.
