Borrowers and banks are bracing themselves for the worst now that the country is experiencing it’s third wave of Covid-19 cases.
Loan balances will also grow over time due to the deferment, resulting in higher debt repayment. In other words, there will be an increase in total borrowing costs. Although the sixth-month moratorium ended on Sept 30, extending the moratorium to borrowers who are able to resume full or partial repayments could cause moral hazards by incentivising them to use the extra cash for other purposes.
Banking institutions and the Credit Counselling and Debt Management Agency are offering targeted extensions of repayment moratorium as well as other repayment flexibilities to give to borrowers, based on their specific financial circumstances.
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