Clarien Bank Limited has announced that they will automatically defer personal loans and commercial loans for 3 months of payments for all residential mortgages. Any loan less than $2,000,000 will meet basic qualifying criteria. In response to a broad and deep Covid-19 pandemic financial impact on the community Clarien is changing its approach to how it provides relief to clients regarding their loan payment arrangements in order to more quickly deliver the financial support that many borrowers and households need,” a spokesperson said. Borrowers whose loan accounts are in good standing will automatically be granted a deferment of principal and interest payments effective from April 1, 2020 for three months [April, May and June] and will not have to make loan payments during this time. Clients who have already made Covid-19 relief requests to Clarien and those who are accepting of the three-month payment deferral on their loan do not need to take any action or contact the bank. It is important to note however that during the payment deferral period interest on the outstanding balance will be added to the loan principal balance and the term of the loan extended which will increase the total amount of interest paid over the full term of the loan.