Banks will communicate with their customers on the exact procedures they will need to follow to take up the moratorium on loans. FMTNews moratorium Loan
Banks will communicate with their customers on the exact procedures they will need to follow to take up the moratorium on loans.
“Or they can continue the repayment of these instalments post-October 2020 through an extension of six months in repayment period after the original maturity date. As for hire purchase customers who do not formally confirm their acceptance of the moratorium upon receipt of notification from their banks, they will be considered as not taking up the moratorium, it said.
“If the said payments are not made by June 30, 2020, the accounts will go in arrears and late payment charges will start accruing from July 2020 onwards,” it said.
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