FEATURED: I&M Bank offers loan payment relief to clients

By

Times Reporter 

Clients of I&M Bank Rwanda who are currently servicing loans will get relief this December, the Bank said.

The Bank is offering its clients loan service relief in the month of December to improve their disposable incomes during the festive period.

With that, clients have the option of using up the December monthly installment as part of their disposable income.

 

The lender says that the move is aimed at allowing customers to have adequate funds for consumption during the festive period as well as finance school resumption costs in January.

 

According to Norbert Mwanangu, the Head of Retail at the Bank, the adjustment is support to their clients for their loyalty and aimed at allowing them to enjoy the festive period without incurring further debt.

To use the provision, clients can reach out to their nearest branches or virtually through forms available on the Bank’s website www.imbank.com/rwanda/. Approval of the requests is based on aspects such as credit repayment history.

For non-borrowing clients, the bank is allowing them to borrow up to twice their monthly income repayable within 12 months.

This, Mwanangu said, is aimed at allowing customers of the bank to have adequate income for the festive period and thereafter.  

“This is further proof that we look out for the welfare of our clients at all times,” he said.

During the festive period, clients using the bank’s digital banking channels stand a chance to win prizes from the bank.

Earlier this year, the Bank extended loan service relief for their clients for three months to accommodate businesses whose income had been severely affected by the Covid-19 pandemic.

The Bank is also working with Investing for Employment (IFE), a subsidiary of the German Development Bank to disburse grants to over 200 Rwandan Small and Medium Enterprises to reduce strain and negative effects of Covid-19 which has seen a large section of SMEs unable to maintain jobs or employment due to cash flow challenges.

The Bank grew its loan book in the first nine months of 2020 by 21 per cent from Rwf172 billion to Rwf208 billion of end September 2020, the financier’s financials show.

Despite the pandemic, economic slowdown and uncertainty, the Bank maintained operations including lending to its clients.

In the 9 month period ending September 2020, the Bank maintained profitability despite the Covid-19 pandemic which has disrupted multiple sectors of the economy.