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 on 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, a 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 the Corona virus 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.
About Careem:
Careem is the internet platform for the greater Middle East region. A pioneer of the region’s ride-hailing economy, Careem is expanding services across its platform to become the region’s everyday Super App. Careem’s mission is to simplify and improve the lives of people and build an awesome organisation that inspires. Established in July 2012, Careem operates in over 100 cities across 13 countries and has created more than one million employment opportunities in the region. Careem became a wholly owned subsidiary of Uber Technologies, Inc. in January 2020. www.careem.com
About JS Bank:
JS Bank is one of the fastest growing banks in Pakistan, with 360 branches in 180 cities including one international branch. The Bank is a leader in the digital banking space and distribution of insurance solutions. JS Bank has been recognized on multiple international and national forums including the prestigious AsiaMoney, Asian Banking and Finance, DIGI and Pakistan Banking Awards. The Bank is part of JS Group, one of Pakistan’s most diversified and progressive financial services groups. For more information, please visit http://www.jsbl.com
