HFC Bank reassures government that they would consider further extension of loan repayment period for struggling customers

The HFC Bank says they have reassured the government that they will consider further extension of the loan repayment period in line with the predicament the customers are facing.

He says they are happy to extend the term if required for the customers who are struggling.

Responding to questions by Fijivillage on how the customers who were given three months repayment holiday in March will now be assisted as that time is up, Bank CEO Rakesh Ram says they are not talking about repossession of property at this stage.

Ram says they are purely trying to work with the customers, stakeholders within the industry and the government to see how best they can support their customers and continue to support their business.

He says customers have been given 6 months loan and interest deferment on a case by case basis for customers who have been impacted by COVID-19. Meanwhile, they have now started with the second round of assistance on their lending portfolio.

The bank says that any increase in the number of customer seeking assistance will directly correlate to the state of the economy.