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COVID Relief - DEBT CONSOLIDATION & REFINANCE

Frequently Asked Questions

1. Is restructuring of my First Citizens Bank personal loan mandatory?
 No. The restructuring facility is optional and available to those facing financial distress due to the COVID-19 pandemic. You should continue paying your regular loan payments if you can afford to do so.


2. How quickly will First Citizens Bank approve my loan restructuring application?

Typically the Bank will provide a response to your application within 10 working days of receiving the complete application along with all supporting documents. A complete application does not guarantee approval for restructuring of your loan.


3. Will my loan status on credit report be affected if I opt for loan restructuring?
Yes. Once your personal loan is restructured, the status of the loan as shown on your credit report will change to “restructured”.

 

4. Can I apply for restructuring of multiple loans that I have with the Bank?
Yes you can apply for restructuring of multiple credit facilities with the Bank.

 

5. Can a borrower apply for restructuring of part of his/her outstanding towards a credit facility?
No restructuring of partial outstanding is not permitted.

 

6. Will borrowers against whom the Bank has initiated legal recourse for recovery be eligible for restructuring?
No these Borrowers are not eligible for restructuring of their credit facilities.

 

7. What are the options available for loan restructuring in credit cards?
The credit card customers, who have been financially impacted by the pandemic can choose to convert the total outstanding balance of the credit card into a credit facility repayable in equated blended payments. All credit cards that are restructured will be cancelled on the date of loan closing.


 

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