Postponing the Finance Installments of Customers
In line with the instructions received from regulators to support all Bahraini residents and companies in overcoming the financial turbulence caused by the pandemic, BisB hereby announces accepting requests to postpone the monthly installments of all finances starting from January 2021 until June 2021.
Monthly Installment Postponement Details
- Postponement is applicable to Bahraini residents (Bahraini and Non-Bahraini Nationals);
- Postponement will not be granted to defaulted customers above stage 2;
- Postponement tenor cannot be less than 6 months;
- Postponement will be subject to additional profit and insurance fee once the request is approved by the Bank;
- Postponement through the link https://ebisb.com/p is applicable for individual customers only, corporates and establishments must contact their relationship managers;
- The Bank reserves the right to request for any additional information or document in order to process the deferral and restructure.
To submit your request of postponing the installments of your finance, kindly follow the below steps (for individuals only):
Considering the precautionary guidelines relating to COVID 19, the Bank will mainly accept the deferment requests through its website https://ebisb.com/p. The key steps involved in this process are as follows:
- An Interested customer will visit the link and enter his/her Smart Card number
- The customer will then receive a One Time Password (OTP) on his/her registered number with the Bank for verification.
- After entering the OTP, The customer can mark one or more facility and submit the request to the Bank by click of a button.
- The customer will be require to agree on the bank term and conditions.
- The customer will be required to provide a legal consent which will authorize the Bank to review and process the deferment request for eligible applicants.
- Successful applicants will receive an updated “Key Term Disclosers” indicating the resulting change in tenor, aggregate outstanding and additional profit amount.
- The request will only be processed once the customer agrees to the updated “Key Term Disclosers” and any deducted installment will be reversed back to the account of the customer.
Joint Applicants will be requested to submit the consent form physically and may visit the customer experience department at the Head Office.
Customers willing to benefit from this initiative are requested to fill in the form latest by 24 January 2021. Otherwise, monthly installment deductions will resume.
The below table is only an illustration of the expected increase in the remaining tenor as a result of accepting the deferment option. The actual may vary depending upon actual terms of the contract and remaining tenor.