NATION

Bank of Baroda to the Rescue

In light of the recent Tropical Cyclone (TC)  Winston that has caused widespread devastation in Fiji, Bank of Baroda (BOB)  has announced its Natural Disaster Rehabilitation Packages to assist affected
27 Feb 2016 09:30
Bank of Baroda to the Rescue

In light of the recent Tropical Cyclone (TC)  Winston that has caused widespread devastation in Fiji, Bank of Baroda (BOB)  has announced its Natural Disaster Rehabilitation Packages to assist affected individuals/ businesses.

The bank has engaged its staff in the Western Division branches to distribute ration packets to the cyclone victims in villages and rural areas.

BOB chief executive Govind Sing Rajput said the Disaster Rehabilitation Facility was implemented to assist business communities and the general public in rebuilding their operations after the impact of devastating cyclone. The rehabilitation packages are accessible through all Bank of Baroda branches  in Fiji.

Under the Tropical Cyclone Rehabilitation Package, Bank of Baroda aims to grant fresh loans, reschedule with deferment of repayment for existing loans and waiver of fees and charges for certain items to help the cyclone victims throughout the country from February 19 to February 20.

As such Government has established an account with Bank of Baroda, “Prime Ministers National Disaster Relief and Rehabilitation: Cyclone Winston.”

Deposits may be done in the Prime Minister’s National Disaster Relief and rehabilitation account.

 

Tropical Cyclone Rehabilitation Packages Fresh Loans

Grant of fresh loans to assist businesses entity those are affected by the recent cyclone by way of: –

Replacement of cyclone-damaged inventory;

Repair or replacement of cyclone-damaged plant, equipment and machinery;

Restoration of cyclone-damaged buildings; and

Replacement of business vehicles damaged by the cyclone.

On the merit basis subject to compliance of terms of bank: –

The maximum loan term of five years with maximum moratorium period of -6- months.

Fresh loan to Cyclone victims to be considered at  two (2) per cent below applicable interest rate for loan amount up to F$200,000/=.  Interest rate for loan amount above F$200,000/- to be decided by Territory Office.

A written application for fresh loan to be made by the borrowers.

Verification and certification of   tropical cyclone damage credit- screening, and loan eligibility calculation

Reschedule/Re-phasement of existing loans

Reschedule with deferment of repayment/enhancing the repayment for maximum period of -6- months for existing borrowers for the following: –

Businesses that are affected by the recent cyclone.

Farmers whose crops are affected by the recent cyclone.

Borrowers whose salary\repayment capacity is affected by recent cyclone.

The above rehabilitation packages  is effective with immediate effect till  31.05.2016.

As on 23.02.2016, there is no overdue in the account and conduct of the account is satisfactory.

Existing interest rate being charged in the account shall be continued.

Verification and certification of cyclone damages will be ascertained.

 

Credit- screening.

A written request for reschedule/replacement to be given by the borrowers.

All other bank’s instant guidelines in respect of margin norms, security norms, tenure of Loan, assessment of repayment capacity of borrowers, calculation of eligible limit etc. shall be applicable.

All other existing terms of existing sanction shall remain unchanged.

 

Bank of Baroda Cyclone Rehabilitation

Packages – Others

Assist customers who are affected by the recent cyclone by way of: –

Dishonour Cheque Fee: 100 per cent

may be waived

Excess Fees (Processing): Up to limit

F$5,000/-: 100 per cent may be waived.

Above F$5001 : 50 per cent may be

waived

Premature of term deposits: Allowed

without penalty fees

The above rehabilitation packages  is effective with immediate effect till  31.05.2016.

Bank of Baroda

Feedback:  jyotip@fijisun.com.fj

 

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