HFC Bank urges customers to discuss options with them if they unable to meet their loan repayments

HFC Bank urges customers to discuss options with them if they unable to meet their loan repayments

By Rashika Kumar
Tuesday 06/04/2021
[Photo: HFC Bank]

HFC Bank is urging its customers to discuss other assistance options with them if they are still unable to meet their loan repayments after the repayment holiday that ended on 31st March.

Bank CEO, Rakesh Ram says any application for extension on repayment deferment will be reviewed and assessed on a case-by-case basis.

He has also highlighted the bank is continuing to assist 30% of their customers who have been affected by COVID-19 from an overall 65% initially assisted last year. He says this shows that customers are now paying repayments in full or are starting with interest payments.

Ram says of the customers currently under the bank’s assistance, 22% are individuals while 78% are businesses.

The CEO also says if they have established that the current pandemic is not linked to the client’s inability to meet the bank’s obligations, then they will apply its normal credit criteria to address and protect its risk.

He adds that any drastic action is not considered a viable option at this stage and the bank will continue to work with the customers on the best alternative option.

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