Business
Deferment of loan repayments on cases-by-case basis
Kreetika Kumar January 7, 2021 4:50 pm
Commercial banks are extending COVID-19 hardship assistance on a case-by-case basis until March 2021. [File Photo]
Commercial banks are extending COVID-19 hardship assistance on a case-by-case basis until March 2021.
Association of Banks Chair Rakesh Ram says Fijians who have loans must be able to prove that they are having difficulties making re-payments due to financial constraints brought on by COVID-19.
“This basically related to customers or businesses that have been directly impact by COVID-19. On a case-by-case basis, we will provide repayment moratorium until March 2021.”
Ram says most banks are also trying to assist first home loan customers.
Bank South Pacific has also confirmed that they have extended the COVID-19 relief assistance to 31st March on a case by case basis.
Country Head Haroon Ali is also encouraging customers to contact them to if they are suffering due to COVID-19 or TC Yasa.
The government introduced laws last month to prevent people from losing their property due to unpaid mortgages.
After March 31st, those who are unable to pay back will be able to dip into their Fiji National Provident Fund accounts to meet their obligations to the bank.
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