Letshego announces loan repayment holidays to mitigate Covid-19 effects to customers

Letshego Uganda has rolled out a loan repayment holiday plan to its customers who have worst hit by the Coronavirus pandemic that has gripped the world.

According to Giles Aijukwe, the Letshego Uganda CEO, their new plan involves giving customers a three- month moratorium where borrowers will not be required to pay their installments during that period.

“The repayment holiday allows you to take some time out from the financial burden of repayments. It relieves you of some pressure and for a period of time, one thing less, to worry out,”Aijukwe said.

“It is important however, to note that this holiday mainly targets those customers whose businesses have been affected by government intervention measures during the current Covid-19 pandemic like the lockdown leading to closure of business.”

He mentioned businesses like the education sector, tourism, transport, leisure and hospitality that have been worst hit by the pandemic.

Process

According to the Letshego Uganda CEO, clients and employees belonging to the industry sector will also apply for the loan repayment holiday based on their individual cases as presented.

“In line with their operational mandate, Letshego practices responsible lending and acts in a customer’s best interests, ensuring affordability, transparency of terms and conditions as well as supporting the borrower if they experience repayment difficulties. This means that by the time they have approved your loan application, they’ve made the effort to determine whether you can repay without substantial hardship,” Aijukwe affirmed.

He said the company has designed a simple application form to be signed by the customer that will then be scanned and sent to the branch.

Customers are also encouraged to use their digital and online to apply for the holidays adding that the repayment holiday plan is extended countrywide.

“A list of qualifying customers has been generated across our 45 branches countrywide and our branch teams are reaching out to them. Customers who are not yet contacted are encouraged to contact their respective branch managers and relationship officers to confirm if they qualify for the new plan,”Aijukwe said.