JS Bank Offers Deferred Loan Payments to Careem Captains

JS Bank announced that any Careem captain who has leased a car will now have the facility of getting the principal on their loan deferred for up to a year.

JS Bank has recently announced that any Careem captain who has leased a car through the bank will now have the facility of getting the principal amount on their loan deferred for up to twelve months. This announcement came amidst the ongoing COVID-19 pandemic in Pakistan.

This facility is in line with State Bank of Pakistan’s announcement regarding relief measures for borrowers and will aid in reducing the financial burden on those captains who use their earnings to pay for monthly installments on their car lease.

Process for Careem Captains to Apply for this Facility

Careem captains, who have been paying installments regularly 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.

Careem and JS Bank Management Speak about the Facility

Zeeshan Hasib Baig, Careem Pakistan

General Manager Careem Pakistan, Zeeshan Hasib Baig stated, “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.”

Mr. Babbar Wajid, Head of Product Management & Business Head Consumer Banking in JS Bank, commented on their relief plan, “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.”


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