Finland-based Nordea Bank has decided to offer instalment relief on mortgages to its personal and business customers in light of the coronavirus (Covid-19) outbreak.

The bank will offer its customers across Nordic an instalment-free period of up to six months on their mortgage loans.

Additionally, its small and medium-sized business (SMB) customers will get a three-month instalment-free period when they need it.

Nordea’s personal customers can apply for the instalment-free period from the bank’s website, whereas, the SMB customers can apply through their normal banking channels.

Nordea president and group CEO Frank Vang-Jensen said: “The coronavirus has spread quickly and it impacts the Nordic societies and our customers.

“That is why we have decided to install a set of quick actions to support personal customers and small and medium-sized businesses in the Nordics.

“It is even more important to help keep the Nordic economies rolling in these exceptional times.”

Apart from the instalment-free period relief, Nordea intends to help customers with other forms of relief measures too.

The bank has urged SMBs to draft realistic liquidity forecasts and clear cash flow budgets during these unprecedented times.

To help in doing so, Nordea has made available several courses of actions and instruments to help businesses strengthen their working capital and liquidity.

It also urged corporate customers to contact the bank whenever they expect any operational changes.

The bank added that it intends to provide support tailored to the needs of customers in each Nordic country.