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Repayment holiday for your existing business loan
If you're an existing Ulster Bank business customer and your business has been impacted by coronavirus, you could be eligible for a repayment holiday on your existing business loan
Repayment holidays are available for up to 12 months
If you have already had a repayment holiday or your current repayment holiday is coming to an end, you may be eligible to apply for a further payment holiday up to a total of 12 months, including any payment holiday already taken
Interest may accrue during any repayment holiday, meaning it may take longer to repay the loan and may cost more in the long run.
How does a loan repayment holiday work?
Depending on the type of loan you have, you may be eligible for a capital repayment, or both capital and interest repayment holiday.
Repayment holiday for up to 12 months
You may be eligible for a repayment holiday of up to 12 months.
Repayments amounts
Repayment options may vary depending on your loan type and agreed through the application process.
Common questions about loan repayment holidays
What does a repayment holiday mean?
Depending on the type of loan you have, you may be eligible for a capital and interest repayment holiday, or a capital repayment holiday only.
This could be for up to 12 months.
It's important to remember, interest may accrue during any repayment holiday, meaning it may take longer to repay the loan and may cost more in the long run.
Who is eligible to apply?
You must be an existing Ulster Bank business customer with an existing business loan to apply.
Personal customers can visit the Personal Banking Coronavirus Hub for more information about the options available.
Does a repayment holiday affect my credit rating?
No, taking a repayment holiday will not affect your credit rating.
Can I request repayment holiday for more than 12 months?
The maximum repayment holiday term is 12 months.
Is there alternative support for my business?
Visit our Coronavirus Hub for more information about alternative options available to businesses who have been affected by Coronavirus.
I’ve already taken out a repayment holiday, can I take another one?
If you've taken out a repayment holiday since March 2020 and resumed payments, you may be eligible to restart your repayment holiday. Your combined repayment holiday cannot exceed 12 months.
My repayment holiday is due to expire, how do I extend it?
You will receive an email at least one month before your repayment holiday ends, which will give you the option to extend. If your repayment holiday is due to expire within one month please contact your Relationship Manager directly or contact us via 0345 366 5592.
Can I apply for a repayment holiday if I have a Bounce Back Loan?
Repayment holidays on Bounce Back Loans will be available through Pay As You Grow (PAYG). See our Bounce Back Loans FAQ's for more information PAYG and how to apply.
This repayment holiday is for existing Ulster Bank customers with an existing business loan. For information on repayment holidays on Bounce Back Loans see our FAQ's.
Ready to apply?
Before you start, please remember:
Coronavirus support for your business
We understand these are difficult times, and if you're in need of a helping hand we're here to support you.
Find guidance and support on our coronavirus hub.
