NDB gives repayment holiday

THE National Development Bank Ltd says its customers impacted by Covid-19 impacts can request a deferral on loan repayments for up to three months.
Managing director Moses Liu said this in a statement yesterday when announcing a support package for its small and medium enterprise (SME) customers.
Liu said this could include both principal plus interest payments allowing customers to divert funds into keeping their business operational.
Key points of the support package included:

• Approval of up to three months’ repayment holiday to all customers affected by Covid-19;
• Customers can decide to continue with their current repayment structure after the repayment holiday period or they can choose to increase their repayments to reduce the loan term; and,
• No variations or late payment fees will be charged during this time and there won’t be any impact on their credit standing with Credit and Data Bureau during this period of uncertainty.

Liu said NDB would continue to be accessible to provide financial services at this time with branches operational.
If changes occur with operational hours of branches and NDB businesses, customers would be notified through branches and social media.
“Our package supports PNG businesses and the people who work for them,” he said.
“We understand the impact this crisis is having and NDB will play a major role in backing PNG’s economy and our customers through these challenging times.”
NDB is the development finance institution and is wholly owned by Kumul Consolidated Holdings Ltd trustee for the State and people of Papua New Guinea.
The bank is the successor company to the former Rural Development Bank Ltd.