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WIB Loan & Mortgage Moratorium

WIB Loan & Mortgage Moratorium Questions and Answers

Will WIB implement the moratorium extension for the months of June, July and August 2020 automatically?

WIB will automatically implement the 3-month loan moratorium extension on all Commercial and Personal loans / Personal Mortgage, personal & corporate credit cards for which the payments are up-to-date or which are less than 90 days in arrears.

Customers who do not wish to take the moratorium MUST Opt-out by filling out the form on our website (www-wib-bank.net).  Customers who decline this program will continue to pay their monthly installments during the moratorium period.

Will my account be debited and reimbursed during the months of June, July and August 2020?

No, your account will not be debited for the loan payments of June, July and August 2020, if you have accepted the moratorium.

I accepted the moratorium, but the monthly payment was deducted from my account and not reimbursed for the month of June 2020, who should I contact?

Please contact our Contact Center at 546-2942 or via email address info@wib-bank.net. If you are contacting us via email please note your full name, ID, address and if possible Loan number. Commercial customers can contact their respective Account Manager.

I declined the moratorium, but the monthly payment was deducted from my account and reimbursed again, who should I contact?

Please contact our contact center at 546-2942 or via email address info@wib-bank.net.

If you are contacting us via email, please note your full name, ID, Address and if possible Loan number.

I have declined the moratorium prior to the deadline, however my financial situation has changed and I would now like to apply for the program. Is this possible?

The deadline to Opt-Out for the moratorium extension is June 12, 2020, however, if your financial situation has changed, you can apply for the moratorium program. Please call 546-2942 or info@wib-bank.net.  You will still be able to apply for the remainder of the months.  If you are contacting us via email please note your full name, ID, Address and if possible Loan number.

I accepted the moratorium but no longer wish to have it and would like to now decline the program. Is this possible?

Yes it is possible. Please call 546-2942 or send an email to: info@wib-bank.net. Upon receipt of your confirmation, the Bank will process the loan payments accordingly.  If you are contacting us via email please note your full name, ID, Address and if possible Loan number.

Please visit our WIB website (wib-bank.net).

I just received a new loan and would like to apply for the moratorium can I do this?

Only loans granted prior to April 30, 2020 will be considered. You will need to contact the contact center on 546-2942 or send an email to info@wib-bank.net.

Will I need to repay the total amount including interest of the 3 months June, July and August 2020?

Yes, these monthly payments have been deferred but you will still need to pay the full 3-month payments in 3 installments which go into effect at the maturity date of your loan.  This means that you will continue to pay the same loan instalment for 3 additional months after the loan maturity date has been reached to pay back the months June, July and August 2020. WIB will not charge any interest nor any additional fees on this amount.

I understood WIB gave me a new loan to cover the monthly payment of March, April and May 2020 and if I Opt–out for the moratorium extension of June, July and August 2020? How does this work?

A loan account was opened in your name to cover the deferred monthly payments of March, April and May 2020 (and if you accepted the moratorium extension also for the deferred monthly payments of June, July and August 2020). The amount of this new loan account must be repaid starting at the end of the maturity date of the original loan in 3 monthly installments equal to the original loan monthly payment or in 6 monthly instalments if you accepted the extension on the moratorium. 

Example: Your monthly payment is NAF 1.500, and your payments of March, April and May 2020 have been deferred. A new loan account is opened for NAF 4.500, which is equal to 3 monthly payments. If the maturity of the loan (end date of the original loan) is December 2021, you  will now have 3 additional payments for January 2022, February 2022 and March 2022 each in the amount of NAF 1.500,- to clear the deferred amount of NAF 4.500,-. If you opted for the extension, additional payments have to be made for April, May and June 2022.

Do I pay additional interest on the monthly payments which have been deferred?

No, WIB will not be charging any additional interest on the deferred loan payments of clients who accepted the moratorium.

I logged into WIB Online Banking and see a new account what is this?

Refer to question 9. If you decided to use the moratorium offered to you and did not decline you will notice a new loan account number on your Online Banking Accounts List referring to the 0% COVID-19 Moratorium. This is the loan extension for which you are not charged any interest nor any additional charges. The amount indicated is the deferred accumulated amount for the months of March, April and May 2020 which is due by you after the end date of your original  loan, spread over 3 equal monthly installments. If you opted-out for the moratorium extension, same applies, but now over deferred over 6 monthly instalments.

If I am able to save these 3 monthly payments and deposit the amount back on the principal amount of my loan in June 2020, will my monthly repayments be recalculated?

This payment will be seen as a payment to the new loan account.  Therefore if you wish to pay back the 3 month payments then this will have to be applied to the new loan account.

Will my repayment amount change starting June 2020 or September 2020?

Your monthly repayment will remain the same until the end of the term of the original loan.Once your original loan matures you will need to repay the 3 monthly payments which were deferred with 3 months, if you accepted the moratorium. If you accepted the extension of the moratorium your monthly payments with be deferred with 6 months.

What will be the new end date of my loan?

With the acceptance of the moratorium of March, April and May 2020 your loan repayment schedule will resume in June 2020 and your loan period will be extended maintaining your monthly repayment amount for a period of 3 months. If you accepted the moratorium extension (June, July and August), your loan period will be extended maintaining your monthly repayment amount for a period of 6 months. Please note that this implies that the maturity date of your loan is extended with 3 or 6 months depending on the choice you made and that you will be required to repay the 3 or 6 months after the maturity date of your original loan. This means your repayment of the monthly installments has been extended with 3 months due to the moratorium or 6 months with the acceptance of the moratorium extension.

Will my repayment amount change after the original maturity date of the loan and be deducted automatically from my account?

No your repayment amount will remain the same. Yes, the monthly payment will be automatically deducted for 3 or 6 consecutive months.

Will WIB extend the Moratorium of March, April and May 2020?

Yes. We are closely monitoring the current situation of the Corona virus and are in close communication with the Government and have decided to extend  the  moratorium with an additional 3 months (June, July and August) at no additional charges nor additional interest.

If I require an extension on the Moratorium, who do I contact?

The moratorium is extended automatically and there is no need to contact the Bank for this. On the other hand if you wish to opt-out, you can do this by latest June 12th 2020.  You can do so by visiting our website to fill out and submit the Opt-out form before the above-mentioned date.

If you have any additional questions regarding the Moratorium, please contact us at 546-2942 or send us an e-mail to: info@wib-bank.net.

Corporate clients can contact Mr. Vasco Daal at email vasco.daal@wib-bank.net

We will gladly assist you.