52% of HFC business loan customers seek assistance for repayment

52% of HFC business loan customers seek assistance for repayment

By Rashika Kumar
Wednesday 06/05/2020

HFC Bank says they have assessed and supported about 300 customers who are affected by financial difficulty and hardship due to the impact of COVID-19.

The bank says 52% of these customers have taken business loans, 35% had taken out housing loans while 13% of the customers had taken out personal loans.

They had earlier said that support will be provided to all customers who have been directly impacted by the global economic downturn, loss in revenue or have suffered financial constraints.

The bank says this mainly relates to Corporate, Commercial and the Small Medium Enterprise Sector and the hardship assistance can also be extended to affected personal customers who may be suffering from salary cuts, reduced hours or financial difficulties and support to the personal consumers will also be aligned to the Consumer Credit Act.

HFC Bank says customers affected through COVID-19 will be assessed and assisted, depending on their circumstances.

The bank also says they can provide assistance by giving their customers a loan repayment break or repayment holiday, restructure of loans (renegotiate terms & conditions including term extension, interest-only concessions and debt consolidation), short term funding or top-up loans for business continuity and support and they will also be enabling customers to access any government or RBF initiative stimulus package.

HFC Bank is also encouraging customers to use digital banking platforms and e-channels and avoid visiting the branch unless it is necessary.

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