Bahrain: Nationals Get 6 Months Extra to Pay Off Loans
The payment of loan installments is to be delayed by six months for Bahraini nationals. The waiver is in line with the royal directives of HM King Hamad bin Isa Al-Khalifa to unify all national efforts to avert the spread of the global outbreak of the novel coronavirus (COVID-19) in Bahrain and protect the health and safety of citizens and residents.
The directive applies also to credit due to credit cards, already deducted from the credit card limit as of March 19, 202. The above-mentioned directive does not include inter-bank deposits or borrowings.
Any customer, as defined above, who wishes to benefit from a delay period shorter than 6 months or who does not wish to benefit from the deferral service, must inform the lending institution he deals with accordingly.
This directive should also be applied as of March 2020, as the due portion should not be deducted from clients’ accounts in March.