By The Nation
The bank will reduce the interest rate and extend the payment period. Those affected by the floods are also invited to apply for loans for business rehabilitation and repairs in order to continue their export business.
Customers who suffered flooding of their premises and damage to products meaning that these can no longer distributed or exported will receive the following remedial measures:
1. Revolving credit and long-term loan customers will be exempt from debt and interest payment for a maximum 6 months and will see a reduction in the interest rate by 1 per cent for 6 - 12 months depending on the flood impact.
2. Revolving credit customers will have the promissory note period extended. The extension must be included with the remaining time and is limited to 360 days. Customers can also take out loans to repair heavily damaged building with a repayment period of up to 5 years with a grace period in the first year and 5 per cent of interest in the second year. The bank will later consider further measures for each customer.
Customers who live in flooded areas or are indirectly affected by the inundation, such as damaged premises and/or goods, or who have been unable to receive supplies due to the impact of flooding on road transport, will receive the following:
1. Revolving credit and long term loan customers will be exempted from debt and interest payment for maximum 6 months and see a reduction in the interest rate by 1 per cent for 6 months
2. Revolving credit customers will see an extension to promissory notes. The extended time has to be included with the remaining time and is limited to 180 days