JMMB Bank Offers Special Loan Packages for Essential Workers, Civil Servants & Other Frontline Workers 

As Jamaica navigates the global COVID-19 pandemic, frontline workers continue to demonstrate the mantra of, country above self, in the daily execution of their duties, even in the face of this crisis.  In response to this act of kindness and as a show of appreciation for these individuals, JMMB Bank is offering them a special financing package on: auto loans; mortgages and home equity loans, in addition to unsecured loans. Therefore, essential workers, first responders, civil servants and other government employees and select private sector employees working in the healthcare, manufacturing, information technology, education and transportation sectors, are set to benefit from this offer. 

Moya Leiba-Barnes, general manager, client partnership at JMMB Bank outlines, “This is also our way of saying thank you to these individuals, for putting Jamaica first and for showing love and genuine care for their fellow Jamaicans.” Adding, “In spite of the uncertainties caused by COVID-19, JMMB Bank remains committed to partnering with individuals to assist them to stay on track with their goals and ease the burden, in doing so.” 

These frontline employees will benefit from some of the lowest rates in the industry on loans, during the JMMB Bank campaign dubbed, “Bounce-Back”, which runs until September 30. As such, these individuals can take advantage of interest rates as low as 6.85% per annum (p.a.) on new cars (with the exception of commercial vehicles) with up to ten (10) years to repay; while interest rates on used cars start at 7.0% p.a., with a maximum of 9 years to repay. JMMB Bank will also provide joint mortgage financing with the National Housing Trust (NHT), with an interest rate of 6.90% p.a. on residential properties and lots, for up to 40 years, on the JMMB Bank loan portion, with 35 years for the NHT portion; in addition to home equity loans starting at 7.25% p.a., with a maximum tenure of 15 years. Additionally, unsecured loans, of more than J$500,000, can be accessed, at interest rates as low as 14.5% p.a., to offset unexpected expenses and to consolidate high-interest debt. As a bonus, these loans are backed by a creditor life insurance component, to protect the life of the applicant and to ensure that in the event of death, one’s family members are not weighed down by this unforeseen debt. 

Interested individuals can apply for this special financing solution by submitting the necessary documentation, to a JMMB Bank loan representative, including: income verification, tax registration number (TRN), proof of address, national identification and letter of employment. 

In keeping with this commitment, the bank has also, on the onset of the crisis, provided a financial lifeline, in the form of moratoriums, extended credit facilities and the maintenance of its pre-existing ‘no late payments policy’ on loans, to those whom, it believes, are amongst its most vulnerable clients. As such, entrepreneurs; individuals working in the tourism and transportation sectors; and small and medium-sized enterprises (SMEs) and corporate entities that operate in: tourism-related areas; entertainment; communication and storage; transportation; distribution; manufacturing and construction, benefitted from this special financial lifeline.