The special COVID-19 moratorium on instalment payments on loans which was offered by First Citizens to our customers, ended in September 2020. Those of our customers who availed of the moratorium were required to recommence their monthly principal and interest payments starting in October 2020. However, we acknowledge that, owing to the ongoing impact of the pandemic, not all of our customers with outstanding loans are in a position to start making their regular payments.

In order to reduce the repayment burden on these borrowers, First Citizens is pleased to offer another opportunity for our customers adversely affected by the pandemic, to service their debt obligations. Customers whose incomes have not been negatively impacted by the effects of the pandemic are encouraged to continue to service their loans according to existing terms. Our special restructuring options will only be made available to those customers who qualify for this relief, based on their verified circumstances.

What is loan restructuring?

 Loan restructuring is the process by which First Citizens will provide relief to borrowers whose financial situation has been adversely impacted by the COVID-19 pandemic who are unable to pay their due instalments in a timely manner. The Bank can offer relief to borrowers of personal loans in the following ways:

  • Consolidation of existing loans and credit cards
  • Reduction in principal payments
  • Roll over option of credit facilities, extension of maturity dates

The above relief options will be available to eligible customers on a case by case basis.


Eligibility Criteria

 The key eligibility criteria to quality for our loan restructuring facility include the following:

  • Loan account must have been opened before December 01, 2020
  • As of 01 April, 2020, the loan account was classified as “standard” with a default period of less than 90 days
  • The loan account has been designated as “standard” up to the date on which the borrower and the Bank agreed to the restructuring plan (i.e. date of closing)
  • The borrower has proven financial distress such as reduced income, salary deferment, job loss, business closure etc. resulting from the COVID-19 pandemic

The Bank may require applicants to meet additional eligibility criteria on a case by case basis at its discretion.


Documents Required

In order to apply for the Bank’s COVID-19 special debt consolidation and refinance program, the applicant must submit the following documents depending on whether they are salaried or self-employed applicants:

For Salaried

  •  Bank statement (where salary is being credited) along with salary slips for the last twelve months
  • Proof of job loss such as discharge letter/termination letter (if applicable)
  • Updated KYC documentation (proof of address, valid ID or passport)

For Self-Employed

  •  Business bank account statement for past 12 months along with applicable income documents, if main or other accounts are held with another bank or financial institution.
  • Latest income tax return
  • Latest audited, review, in-house or management accounts for fiscal year 2019, 2020 and projections for 2021.

How to Apply

Our Branch Lending Team will be in contact with you directly to discuss the offering and possible options. Thereafter you can submit formal instructions indicating your interest to email address


  • First Citizens Fifty Plus
  • Personal Lending
  • First Citizens Smart Start
  • Visa Classic and Gold
  • Merchant services
  • Mastercard