We are Committed to You

We at ECAB remain committed to the well-being of our customers. We understand your anxiety over the potential loss of income due to COVID-19, and as such, we continue to provide support to cushion the economic impact through our ECAB Loan Relief Plan.

What is the ECAB Loan Relief Plan?

ECAB Loan Relief Plan has been developed to provide customers with a deferral from their loan repayment obligations for a stipulated period.

ECAB Loan Relief Plan includes the below terms:

• A moratorium (deferred monthly payments) on the principal and interest on personal loans up to six (6) months.
• A waiver of loan late fees and charges.
• Extension of the loan maturity date by six (6) months to include the moratorium period.
• Personalized solutions for business loan customers which will be managed on an individual basis. Business loan customers are asked to contact their Small Business or Commercial Loan Officer to tailor the best-fit solution for their business.

While interest will continue to accrue during the moratorium period, we will discuss with you how this accrued interest will be incorporated into your loan prior to the maturity of the loan or you may prefer to continue to make interest payments only during the moratorium period.

Who Can Apply for a ECAB Loan Relief Plan?

Customers are invited to contact their Credit Officer to discuss their eligibility for the ECAB Loan Relief Plan. Moratoriums will be considered on an individual basis and will be granted under the below circumstances:

• Customers’ requests will be reviewed and considered based on individual circumstances. Customers must provide documentation supporting the reason for their moratorium or moratorium extension request.
• Periodic reviews of customers’ circumstances will be conducted throughout the period.
• The Bank reserves the right to reduce a customer’s moratorium period should that customer’s financial position improve sufficiently to resume regular servicing of the loan.
• The Bank and the customer will formalize an agreement for the treatment of the interest that will accrue during the moratorium period.
• Households with more than one income earner will be treated on a case by case basis based on the impact the economic downturn has had on the total household income.
• Business owners who have been negatively impacted will be considered on a case by case basis.

After conducting an assessment of the supporting documentation received, the Bank will advise you of the status of your moratorium request.

How do I confirm my participation into the ECAB Loan Relief Plan?

Customers may submit their request into the ECAB Loan Relief Plan by emailing the completed OPT-IN/OPT-OUT form to creditadmin@ecabank.com or by submitting it to any of our branches along with the required supporting documents no later than October 15, 2020. The editable form can be found by clicking here.

We are here to help

We are committed to doing all that we can to support all of our customers at this time and we thank you for making us your Bank of Choice. We will continue to keep you informed as we work through this challenging time together. If you have any questions, please contact us at any of the numbers below:

Personal Loans: 480-5462 | 480-5428 | 480-6050 | 480- 6052 | creditadmin@ecabank.com

Small Business Loans: 480-6051 | mwilliams@ecabank.com

Commercial Loans: 480-5317 | mbowers@ecabank.com