How to apply for Bank Muscat loan deferment in relation to COVID-19 and FAQs

In line with the directives of the Supreme Committee for Dealing with COVID-19 and the Central Bank of Oman to address the current situation, Bank Muscat is offering loan deferment options for personal, auto and housing loans for three months.

The bank has said that the deferment option will be available for loan installments that are due from May to July 2020. It is one of the many steps undertaken by the bank to support its customers during these difficult times.

Affected customers who are eligible to apply include those whose salaries have been reduced, those who have been placed on leave without pay, those whose additional income has been negatively affected and pensioners with a debt burden ratio over 40 per cent. Bank Muscat has reaffirmed its commitment to the affected that the interest will be handled in line with the instructions issued by the regulator and the competent authorities.

All customers who meet the criteria for loan deferments can apply for the same through Mobile Banking, Internet Banking or by visiting their nearest branch.

Source: Times of Oman

Frequently Asked Questions – Loan Deferment in Relation to COVID 19

1. Which loan products are covered by Bank Muscat’s loan deferral package? The deferment is available for all types of loans, namely personal loans (including Shahadati loans, Zaffa loans and Zeinah loans), auto loans and housing loans. Credit Card dues, if any, will not be deferred.
2. What is the number of instalments that can be deferred under the deferment package? Customers are eligible for up to 3 months deferment on their loans starting from the May 2020 instalment. The bank, after the completion of initial deferment period, may extend the deferment by a further 3 months on customer request, subject to the conditions and regulations prevailing at that time.
3. Who is eligible to apply for Bank Muscat’s loan instalment deferment package?
   
4. How can I apply for loan instalment deferment? Customers can apply for instalment deferral through Mobile Banking, Internet Banking, or visiting our branches.
   Below are the steps to apply through Mobile Banking and Internet Banking:
   Step 1: Log into Mobile Banking or Internet Banking
   Step 2: Go to Apply for Products tab on the main menu
   Step 3: On Apply for Products page choose Category as Loan and Product as Loan Deferment. Tap or click CONTINUE to submit the request.
   Step 4: Bank receives the request. Bank Muscat will contact the customer to explain the documentation requirement how to complete the application process
   Step 5: After the bank receives the required documents, the bank will evaluate the application.
   Step 6: Customer can check the revised repayment schedule of the loans through Mobile Banking within few working days. If the application cannot processed based on the documents submitted, the customer will receive a communication from the bank.You may call our Contact Centre on 24795555 or visit a nearby branch should you require any assistance.
5. I have multiple loans. Does my application affect all such loans? Yes, your application for instalment deferral will cover all loans mapped under your customer CIF.

5. Will I be required to visit a branch if I apply through electronic channels? You do not have to visit a branch for making the application for instalment deferral or after sending your completed application by email to the bank. By applying through Mobile or Internet Banking and responding to the bank by email, you will be confirming that you have read and understood the terms and conditions of the instalment deferment. If you choose to apply through the branch network, that is also possible.
6. What is the impact of loan deferral on instalments and interest during the period of deferment? Deferment of instalment means that a customer who applies for instalment deferral will not pay loan instalments in the 3 (three) months starting from May 2020 up to July 2020. You will postpone your immediate instalment payments. Payment of loan instalments shall recommence upon the completion of the deferment period.
   • Impact on Interest: The interests will be dealt with according to the instructions issued by the regulatory and competent authorities.
7. What happens if I have already elected for a 2 month EID instalment deferral/waiver? If you had elected to benefit from a 2-month deferral of loan instalments over the EID period, you shall receive one-month additional waiver. Eid instalment waivers will be done in the months of May and July 2020.
8. Where can I check my loan repayment schedule? You can easily check your loan repayment schedule through Mobile or Internet Banking.
9. What will be my loan instalment schedule after the deferment period? You will be able to check the revised period to repay the loan through Mobile or Internet Banking. By submitting a request for deferral, you agree to extend the loan repayment period.
10. What will be the overall impact of instalment deferment? In simple terms, you will not pay loan instalments for the number of months applicable. As a result, your loan outstanding will not reduce during this period. Therefore, the deferment of instalment will lead to an extension in the loan tenure.
11. If I have previous unpaid instalments on my loans (past dues) will I be eligible for deferment? Customers with past dues of less than 90 days will be eligible for deferment for 3 months, but the starting of the deferment period will be from the past due date.

You may call our Contact Centre on 24795555 or visit a nearby branch should you require any assistance.

Source: https://www.bankmuscat.com/en/awareness/Documents/Loan_Deferral-FAQ_En.pdf