CONCESSIONS FOR COVID-19 IMPACTED INDIVIDUALS AND BUSINESSES CBSL circular No 05 of 2021 on 25 May 2021.

In compliance with the instructions issued by the Central Bank of Sri Lanka (CBSL) with regard to relief measures to support COVID-19 impacted individuals and  businesses including self-employed due to outbreak of the third wave of COVID 19 in Sri Lanka, Union Bank requests such eligible borrowers who wish to apply for relief under this scheme to submit their written requests with details of their position and the specific request, to the respective Union Bank Branch / Relationship Manager on or before 21.06.2021.

Summary of concessions pertinent to the relief measures are as follows;

1. Eligibility: All performing customers, as at 15th May 2021.
2. Moratorium period: From 15th May to 31st Aug 2021 (Installments/Repayment falling due during the said period may be deferred as per the CBSL circular).
3. Offer Terms: Concession will be offered on case-by-case basis subject to verification of the impact on repayment income.
4. Moratorium Type: Can be deferred. Capital plus interest or capital depending on the customer request.
5. Interest on Moratorium: Interest on deferred payment should not exceed 365 TB plus 1%.
6. Restructure: Alternatively. Banks can arrange restructures for a longer period considering repayment capacity of the borrower.
7. Penal interest: Will not charge during the concessionary period.
8. Payment delays: Accommodation of customer requests on repayment delays up to maximum of 10 days due to travel restriction.
9. Leasing exclusion:-Borrowers who are currently enjoying deferment of lease payments under Circular No 03 of 2021 issued on 13 March 2021 or moratorium under Circular No. 04 of 2021 issued on 19 March 2021 are not eligible for concessions provided above.

Credit Card specific concessions

• Due date extensions: The Bank will take necessary steps to ensure cardholders impacted by COVID-19, who can demonstrate with justifiable reasons for not making payments on the due date, that the credit card payment status remains the same as prior to the issuance of the above circular. These measures will be taken by the Bank until 31 August 2021.
• Payments: The Bank will provide additional 10 working days (maximum) for cardholders to settle the statement outstanding in full to be eligible for the reversal of interest being charged to the card account. These measures will be taken by the Bank until 30 June 2021.
• The Late Payment Fee: Will be reversed for cardholders who can demonstrate with justifiable reasons for not making payments on the due date or the extended due date of 10 working days from receipt of the statement for the month of June  2021 (22 May 2021 to 21 June 2021 & 5 June 2021 to 4 July 2021).

Submission of Requests

Requests can be submitted based on the customer category to the below given email addresses, together with the requested mandatory information and contact details.

Personal Banking Customers

Email: C19support-retail@unionb.com

Contact: Please contact your Union Bank Branch

Branch Locator: https://www.unionb.com/atm-branch-locator/

Following mandatory information should be included with the request:

• • Full name.
  • Residential address.
  • NIC/ Passport No:
  • Existing facility details (Housing/ Personal/ Loan Against Property/ Lease/ Credit Card/Pawning and Other).
  • Reason for request with proof documents.
  • Moratorium request period.
  • Contact Tel: Home/mobile.

SME Banking Customers