Are you experiencing difficulty in paying your loan? Speak to your bank representative

Fees and Charges
If you are experiencing hardship in making loan payments, speak to your banker about alternative arrangements.
The Office was approached by representatives of an association concerning the charges of late penalty fees imposed by the banks on its members. The members of the association were not paid by their company (employer) for two months and as a result, they were not able to meet the monthly installments related to their loan commitment.

Even though the problem stemmed from the non-payment by the employer, the Office made an appeal to the banks, which responded positively and reversed the penalty charges. The Office acknowledges the consideration shown by the banks in genuine hardship cases where the problem was caused by circumstances beyond the control of the customers.

Lessons Learnt

The banks appreciate the plight of their customers and, depending on the circumstances, are willing to waive certain fees.