Policy Bank: 5-year debt extension for households whose cattle died from the cold

(Baonghean.vn) - NHCS has just issued a dispatch on applying debt extension measures (extending the repayment period) for loans with losses of less than 40%; debt rescheduling for up to 3 years for loans with losses of 40% to less than 80% and debt rescheduling for up to 5 years for loans with losses of 80% to 100%.

Buffaloes die from cold in Que Phong (Photo: Que Phong Television Station)

Due to the influence of the continuously increasing cold air, in the Northern and North Central provinces, there has been widespread severe cold, with ice and snow in the highlands. Severe cold, severe cold with snow has caused damage to crops and livestock, including damage to preferential credit capital of the Social Policy Bank. According to reports from the Social Policy Bank branches, as of noon on January 28, 2016, 5,085 households borrowing capital from the Social Policy Bank have suffered losses with a total loan amount of over 127.3 billion VND, 4,662 buffaloes and cows have died and about 1,540 hectares of crops and aquaculture of the people have been damaged.

To proactively overcome the consequences caused by natural disasters, the Social Policy Bank has issued a telegram requesting the Social Policy Bank branches in the affected provinces to coordinate with the local authorities, socio-political organizations and borrowers at the Social Policy Bank to promptly grasp the damages caused by natural disasters. Based on the level of damage of each loan, the Social Policy Bank where the loan is made will coordinate with relevant units to guide people to prepare documents and implement the request to handle risky debts according to regulations. At the same time, the Social Policy Bank has promptly sent working groups to the localities that have suffered heavy damage to directly instruct the branches, meet and guide people.

Regarding the damage caused by natural disasters, the Social Policy Bank will apply debt extension measures (extending the repayment period) for loans with damage of less than 40%; debt deferral of up to 3 years for loans with damage from 40% to less than 80% and debt deferral of up to 5 years for loans with damage from 80% to 100% (during the deferral period, customers do not have to repay the debt and do not have to pay interest). In addition, the Social Policy Bank will continue to consider people's needs to provide additional loans and new loans, helping people have capital to continue maintaining production and business, and stabilize their lives.

Pearl