TC Winston

Banks offer 4.5% interest on loans for cyclone relief

Minister for Finance Aiyaz Sayed-Khaiyum told a press conference today that the Association of Banks is providing a loan product for persons affected by tropical cyclone Winston.   A 4.5% interest rate on loans will be available to individuals affected by the cyclone, to be repaid over five years.  There will be a waiver of application […]

Staff Writers

February 25, 2016 5:55 pm

Minister for Finance Aiyaz Sayed-Khaiyum told a press conference today that the Association of Banks is providing a loan product for persons affected by tropical cyclone Winston.  

A 4.5% interest rate on loans will be available to individuals affected by the cyclone, to be repaid over five years.  There will be a waiver of application fees, and the offer period will be three months.

Minister for Finance Aiyaz Sayed-Khaiyum at a press conference today. Source: Calvin Prasad / Newswire.
Minister for Finance Aiyaz Sayed-Khaiyum at a press conference today. Source: Calvin Prasad / Newswire.

The Association of Banks have said today that unsecured loans will now be made available with an interest rate 4.5%. The loan period will be for a period of 5 years.

Mr Sayed-Khaiyum said the loan period given by the Association of Banks would give individuals reasonable time to make repayments. He added the Reserve Bank is providing a 0.5% interest rate for banks, specifically for cyclone relief.

The Insurance Council has also informed the government that insured houses that were damaged by TC Winston will be covered. Public are advised to provide engineer certificate to their insurance companies.

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