Careem, the internet platform of the greater middle east and Pakistan, and JS Bank recently announced that thousands of Careem captains who have leased a car through JS Bank will now have the facility of getting the principal amount on their loan deferred for up to twelve (12) months in light of the ongoing COVID-19 situation in Pakistan.
This facility, in line with State Bank of Pakistan’s announcement regarding relief measures for borrowers, will help lessen the financial burden on those Captains who use their earnings to pay for monthly installments on their car lease.
Careem captains who have regularly been paying installments on their JS Bank will have the option to defer principal payments through a deferment request submitted to their nearest branch that will allow them to apply for loan deferral.
Upon receiving such a request, JS Bank will process the application and provide approval within 15 days. This policy will only apply to the principal loan amount, with captains only required to pay interest and insurance payments for their vehicles
Zeeshan Hasib Baig, General Manager Careem Pakistan, commented on the occasion:
Captains are the heart of what we do at Careem, and we appreciate and value their selfless service to our customers and communities in these unprecedented times. A large number of our captains have leased vehicles to use on the Careem platform and deferred payment on loans will help reduce the financial strain on them in the coming days with restricted mobility mandated by the government.
Reflecting on the relief plan, Mr. Babbar Wajid, Head of Product Management & Business Head Consumer Banking, stated:
We are working with our long-standing partners Careem to help our Captains sustain this difficult period, and we remain committed towards our valuable customers to help them fight against the Covid-19 pandemic. We hope to minimize the financial burden on our valued Captains through this relief plan, and we wish that each and every one of them remains safe & healthy.
Careem has recently also announced a range of initiatives to help captains including a health insurance scheme, new sick pay policy for those identified as COVID-19 positive or in quarantine, distribution of ration packs and safety gear, as well as generous contributions from Careem colleagues.
JS Bank has been playing an active role in ensuring the health and safety of its internal and external stakeholders by being the first bank in Pakistan to implement zero transactional charges on Internet, Mobile, and ATM banking. To further facilitate customers impacted by economic conditions, JS Bank has deferred principal payments of home and auto loans for upto a year.
In April, the Bank and its clients also announced a PKR110 million fund to combat coronavirus nationwide. The fund will be utilized to provide rations to food-insecure families, safety equipment to medical and other frontline institutions and conduct medical and technological research.