Payment Deferral Terms and Conditions

You agree to the following terms and conditions:

Definitions

The following definitions apply to these Terms and Conditions:

“Eligible” refers to any individual qualified to participate in the COVID-19 Care Package. You may not be Eligible if your Loan is 90 or more days in arrears, in which case you should contact Republic Bank for further information.

“You” refers to an Eligible customer of The Bank to whom a loan and/or credit facility is granted and includes any co-borrowers and/ or guarantor(s) of any such facilities.

“Applicable Period” means from March 23rd, 2020 to September 30th, 2020 inclusive.

“Loan” means any Credit Cards, Personal Credit Lines or any other lines of credit, Mortgages and Real Estate Secured Loans, Unsecured Loans and Auto loans and all other types of personal loans we granted to you including, without limitation, bridging loans.

“Deferred Amount” means the accrued interest, principal and insurance (as applicable) associated with your Loan that has been deferred and not paid during the Deferral Period.

“We” “The Bank” or “Republic Bank” means Republic Bank (BVI) Limited including its branches, subsidiaries and affiliates operating within the British Virgin Islands.

Eligiblity

1. You represent and warrant that all information provided to Republic Bank in connection with your Loan deferral request is correct and true.
2. You have asked Republic Bank to defer your regular Loan payment(s) (consisting of principal and interest and insurance premium (as applicable) due and payable under your Loan(s). Requests for participation in this package shall only be accepted by the Bank during the Applicable Period.
3. Your request has to be approved. Once it is approved, your payments will be deferred for an initial period of three (3) months, and may be extended up to a maximum further period of three (3) months at the discretion of the Bank, or until your loan maturity date, whichever comes first (“the Deferral Period”).
4. The Deferral Period commences with effect from the date you confirmed your participation in this Care Package or earlier if one of your products qualified for automatic deferral under this package.
5. Your automatic loan payments will recommence at the end of the Deferral Period. During the Deferral Period, if you have asked Republic Bank to defer your automatic loan payments but wish to restart your automatic payments, you may contact us to re-start your automatic payments at a later point during the Deferral Period. Where you notify us and you continue to make such payments as you can towards your Loan during the Deferral Period, these will be applied to your account.
6. You acknowledge that insurance premiums related to the Loan, if applicable, will also be deferred and will be collected after the Deferral Period. Your insurance coverage will continue with the same coverage and amounts as provided in your Certificate and Schedule of Insurance during the Deferral Period. Please review your Certificate of Insurance for full details about your creditor insurance coverage.
7. During the Deferral Period, the following will apply:
   1. a. For Credit Cards and Personal Credit Lines
      1. i. Interest will be charged and added to the account balance for each cycle. There will be no interest on accrued interest accumulated in a billing cycle during the Deferred Period. However if the interest accrued during the Deferral Period is not cleared at the end of that period, interest will accrue from that point on the accumulated balance.
         ii. You will not be required to make any minimum payments during the Deferral Period, but you can continue making payments against your balance at any time.
         iii. You will not be charged late, no-payment or over-limit fees during the Deferral Period as a result of non-payment of the minimum monthly payment amount.
         iv. When the Deferral Period is over, regular requirements for monthly payments and normal interest calculations on the accumulated balance will resume.
         v. If there is an automatic payment or standing order for your credit card it will continue to be made as normal unless you choose and take action to cancel/suspend the automatic payment or standing order.
         vi. Your insurance premium for your credit card protection will not be deferred but will be added to your balance
      b. For Make It Happen Loans and Auto Loans
      1. i. During the Deferral Period, interest will continue to accrue on the full principal balance of the Loan.
         ii. For loans maturing after December 31/2022, the accrued interest from the Deferral Period (together with any deferred insurance premium amount, where applicable) will be paid over a 24-month period starting January 2021, or deferred accrued interest and insurance premium amount, where applicable, may be repaid via lumpsum at any time prior to this period. The maturity date will be extended by the number of deferred payments and principal payments will be made each month until the new maturity date.
         iii. For loans maturing earlier than December 31/2022, the accrued interest over the Deferral Period (together with any deferred insurance premium amount where applicable) will be payable as a lump-sum on or before loan maturity. The maturity date will be extended by the number of deferred payments and principal payments will be made each month until the new maturity date.
         iv. There will be no interest on deferred interest.
         v. For customers whose payments are made as a deduction at source or salary deduction, arrangements will have to be made by you to cover your increased payment over the 24-month period. Please contact us to settle proposed arrangements.
      c. For Mortgages
      1. i. During the Deferral Period, interest will continue to accrue on the full principal balance of the Loan.
         ii. For loans maturing after December 31/2022, the accrued interest from the Deferral Period (together with any deferred insurance premium amount, where applicable) will be paid over a 24-month period starting January 2021, or deferred accrued interest and insurance premium amount, where applicable, may be repaid via lumpsum at any time prior to this period. The maturity date will be extended by the number of deferred payments and principal payments will be made each month until the new maturity date.
         iii. For loans maturing earlier than December 31/2022, the accrued interest over the Deferral Period (together with any deferred insurance premium amount where applicable) will be payable as a lump-sum on or before mortgage discharge. The maturity date will be extended by the number of deferred payments and principal payments will be made each month until the new maturity date.
         iv. There will be no interest on deferred interest.
         v. For Residential Bridging Mortgage, deferred interest is payable in full at the end of the Deferral Period
8. Subject only to the changes set out above, all other terms and conditions and provisions of Your original contract with the Bank for the Loan remain in effect, and that the above changes to the terms and conditions of your Loan are not intended to invalidate any interest in or any security, right, charge or lien that the Bank holds for the security granted, nor is it intended to affect any of the Bank’s rights for the recovery of any amounts owing under any original contract with the Bank for your Loan. You also agree to execute any further or supplemental document or instrument required to preserve those rights should they be requested by the Bank.
9. Except as set out in these terms and conditions, all provisions of your Loan or Mortgage (including those in your personal credit agreement, charge and any renewals), continue to apply.
10. By submitting your deferral request, you certify that you consent to the collection, use, disclosure and storage of your personal information by Republic Bank in accordance with our Privacy Policy.

Please see below examples of how Interest is calculated

Example 1 – On January 2021, the remaining term on your loan is greater than 24 months

To see how it all works let’s consider for example a 60 months loan of US$10,000 with 48 months to go.

LOAN SUMMARY

• The customer is adhering to the Care Package and will skip scheduled payments for April 15, May 15 and Jun 15, 2020
• The new maturity date of the loan will now be Jul 15, 2024 (extended by 3 months)

As of April 15, 2020 the outstanding principal on the loan is US$8,377.32 and no more payments will be required to service the loan for the next 3 months.

During these 3 months the loan will accrue US$209.43 in interest.

Starting January 2021, the US$209.43 of accrued interest will be evenly split by 24 and this will be added to your next 24 scheduled monthly payment. – So we will be adding US$209.43/24 = US$8.73 to each of your scheduled monthly payments which now will be US$221.20 as detailed below:

Scheduled Monthly Payment: US$212.47 Monthly Installment of Deferred Interest Amount: US$8.73 New Scheduled Monthly Payment: US$221.20

After the Deferred Interest Amount is been paid off, (starting January 2023), your scheduled payment will revert to US$212.47 for the remainder of your term.

Here is a timeline to recap the changes of your required loan payments relative to this example:

Example 2 – On January 2021, the remaining term on your loan is less than 24 months

To see how it all works let’s consider for example a 60 months loan of US$10,000 with 12 months to go.

LOAN SUMMARY

• The customer is adhering to the Care Package and will skip scheduled payments for April 15, May 15 and Jun 15, 2020
• The new maturity date of the loan will now be Jul 15, 2021 (extended by 3 months)

As of April 15, 2020 the outstanding principal on the loan is US$2,416.75 and no more payments will be required to service the loan for the next 3 months.

During these 3 months the loan will accrue US$60.42 in interest. – This amount will be due by the end of the term of the loan and is payable anytime without penalty through the life of the loan.

If you decide to pay this interest at the end of the loan, the final loan payment looks as below:

Scheduled Monthly Payment: US$212.47 Accrued Interest: US$60.42 Final Loan Payment: US$272.89

Here is a timeline to recap the changes of your required loan payments relative to this example:

* A one-time payment of US$60.42 is required to be made at any time prior to maturity

By submitting your deferral request, you certify that:

a. There are no mortgages, encumbrances, executions or other liens registered on title to the property subject to the Mortgage since the registration of the Mortgage other than those in favour of Republic Bank; and

b. All borrowers (if more than one) or guarantors (if any) under the Loan(s) have consented to this payment deferral and you agree that in the event of any dispute by other borrowers or guarantors, about benefits granted under this package based on your request to defer payments, that you are liable for the amounts deferred and agree to indemnify the bank against any such claims

For other loans or needs, our team is also available to speak with you about your eligibility for refinancing or consolidating your debt. If you require further assistance you can contact us at 284.494.2526