FDH Bank offers loan repayment relief due to Covid-19: ‘We are in this together’
As the country continues to grapple with the effects of Covid-19, FDH Bank has given a moratorium to customers with loans and have been negatively affected by the pandemic for a period of three months during which loan installments shall not be collected.
In a statement, FDH Bank Managing Director Dr Ellias Ngalande said the Bank has joined hands with government, financial regulator the Reserve Bank of Malawi (RBM) and Bankers Association of Malawi (BAM) in making sure that customers are cushioned against the economic effects of the pandemic.
“SME and customers who have loan facilities with the Bank and have been negatively affected by Covid-19 will, upon requesting the same from the Bank, be granted a 3 month moratorium during which loan installments shall not be collected and will only resume at the end of the 3 month period,” said Ngalande.
“Similarly, borrowers that have been negatively affected and wish to obtain relief by extending the loan repayment period and revising the loan installments will be considered for the same upon making an application to the Bank through their domicile branch,” added Ngalande.
The bank has also slashed digital banking fees by 40%, according to Ngalande.
“All digital fees have been slashed by 40% to encourage customers to transact digitally as one way of maintaining social distance and avoiding physical visits to the branch,” said Ngalande.
FDH also said they are making sure that their customers are accorded necessary support to ensure their safety.
The Bank is currently running a digital promotion where customers are encouraged to transact by using the bank’s vast digital platforms where they stand to win a brand new car by the end of the promotion.
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First Capital Bank why don’t you give loans to civil servants? You seem to be the only bank not doing this…
Hellow Standard Bank!!! Tilakhuleni please ngati muja mukachitila za Loan through 247
I called them to ask about the same, as it seems they’re still sleeping.. the one who answered didn’t have information.. said that they would communicate to the customers.. apparently they’re not doing that any time soon
Bola, koma Standard Bank akungoonetsa utsamunda siingachite ngati izi. Bank ya mabunu, yozunza ngati ambuyao.
Commercial Banks should not deliberately complicate this simple issue. There is NO NEED for customers to be requesting them for the 3-month loan repayment moratorium. It should apply to all customers with loans from April to June 2020 period. Reserve Bank of Malawi (RBM) already covered that in their stimulus package.
Do people need to apply? What about if the domicile branch is in anther district?
Excellent !!
Chi National Bank chiri ziii. Chigiring’ande chenicheni
kkkkkkkkk