As part of the measures to help you during this unprecedented time we are putting in place a process to allow you to apply for a payment break on your Business Loan Account for an initial period of 3 months.
There are two options available:
1. A Capital Payment Break (interest only repayment) or
2. A Full Payment Break (neither capital nor interest paid)
Interest will continue to accrue and be payable on your Credit Facilities and charged quarterly in accordance with the existing terms and conditions which currently apply to your Credit Facilities.
If you select option 2 you won’t pay any interest on your loan during the period of the break but the interest will still accrue.
At the end of the payment holiday period your normal monthly repayment may be recalculated which means that your monthly repayment will be greater than it is now or alternatively the term of the Credit Facilities may be extended. If you choose to extend the term of your Credit Facilities the amount of interest payable and amount owing on the related Credit Facility will increase.
The options above will be discussed in detail when we contact you in relation to your application.