COVID-19 Client Support
In an effort to support your overall financial well-being and that of your families during this time,
The JMMB Group stands committed to implementing measures designed to relieve some of the financial burdens that our clients may be experiencing as a result of the COVID-19 pandemic.
Want to know how you can access our client support? Find out below.
Effective April 1st 2020 JMMB Bank (TT) will reduce its Commercial Prime Lending Rate by 150 basis points from its existing 9.25% to 7.75%.
This concession will reduce the interest cost for clients whose loan rates are tied to the Commercial Prime lending rate.
There will be no change in interest rate to Non-Prime loans (for example: Car Loans, Retail Mortgages, Land Loans and Personal Loans).
Clients whose circumstances have been adversely impacted by the measures taken related to COVID -19 can apply for a deferral of interest and/or principal payments for 3 months effective immediately before your next payment is due.
A deferral means that the accrued interest and principal payment is pushed forward extending the term of the loan for the amounts to be covered at a future date.
Variable Rate loans are loans that have an interest rate that will fluctuate over time in line with prevailing interest rates.
A Fixed Rate loan has the same interest rate for the entirety of the borrowing period.
Indexed loans are loans that are linked to a benchmark rate such as, MMRR or Prime.
The determination on whether loans are Prime is based on the type of loan, the Bank’s internal policy and from negotiation with the client at the time the facility is being discussed.
Clients must be in good standing with the Bank and accounts must be up to date.
Clients must also provide evidence showing hardship and impact on financial performance.
Clients are required to contact their Relationship Manager and or Branch Manager to apply for a deferral. Will late fees apply?
Late fees will not be applied where deferrals have been approved, under any of the above loan categories.
For Commercial Clients, deferrals, debt restructuring and overdraft facilities are available and will be considered on a case by case basis
Are Express Finance client eligible for deferrals?
Clients can access a payment holiday of up to three months. Conditions are applicable.
Clients can refinance existing facilities with up to a 3% rate reduction.
Will the rate on my loan be reduced during this period? All new loans will enjoy a rate reduction of 3% and up to 3-month deferral of the first monthly payment.
All Clients
Clients wishing to access any of the aforementioned concessions at JMMB Bank or JMMB Express Finance may be asked to provide a request in writing, and other information requested to satisfy JMMB’s due diligence process.
Senior Citizens and Differently-abled persons
At opening time persons will be identified and prioritized ahead of other clients, and will be identified during the course of the day and escorted to next available CSR
If you would like to have access to our concessions, please contact us at 8000- JMMB (5662) for assistance.
Branch Hours
Please be advised of our new business hours during this time:
All Branches
Mondays - Fridays: 9:00 a.m. – 2:00 p.m.
800-JMMB (5662)
Chaguanas branch – 42406
Port-of-Spain branch – 42308
Tunapuna branch – 42331
South Park branch - 42410
Business Development Team – 42101
Express Finance
Mondays - Fridays: 9:00 a.m. – 2:00 p.m.
Telephone: 224-4JEF (4533)
Email: expressfinance@jmmb.com