1. What is a moratorium?

  • A moratorium is a postponement of monthly payments, including principal and interest, for a period of 1 to 6 months.
  • Interest will continue to accrue on the loan during the moratorium.
  • You will be required to pay the deferred principal and interest accrued after the moratorium period.


 2. What information is needed to apply for the moratorium?

  • Provide us with your full name.
  • Company Name (If self-employed, please state so).
  • Email address (if applying via phone or walk-in).
  • State the number of months moratorium required.


 3. Do I require authorization from the guarantor or co-borrower?

  • The guarantor or co-borrower must co-sign the moratorium acceptance letter.


 4. How to apply for the moratorium?

  • Email: Send an email to info@svcooperativebank.com. Please ensure the subject line reads: Request for Moratorium.
  • Via phone: Call your loans officer or a bank officer to request the moratorium.
  • Walk-in: You may visit the Bank as a last resort.


5. Does the moratorium apply to all loan facilities?

  • All loans will be reviewed on a case by case basis.
  • Loans ninety (90) days or more in arrears do not qualify for the moratorium.
  • Expired loans do not qualify for the moratorium.
  • Loans that are not in good standing do not qualify.


6. What are the moratorium fees?

  • There are no fees relating to this moratorium offer.
  • However, loans secured by mortgages or bill of sales, the legal fees and/or stamp duty must be paid for by the customer.


7. What happens to my loan after the moratorium period?

At the end of the moratorium period you have the option to:

  • Extend the loan.
  • Capitalize the outstanding principal and interest over the remaining period of the loan.
  • Regularize the loan by paying the deferred payments as a lumpsum and maintain the regular payment and maturity date.
  • Reschedule or refinance in line with normal lending guidelines.


8. Can customers who book their loans after April 1st, 2020 benefit from this moratorium offer?

  • Your loan will be reviewed on a case by case basis.

Requests for moratorium must be made at least 36 hours before the payment due date.