More banks to waive late fees

While India’s leading private sector lender ICICI Bank said it will not levy any penalty for its customers in Chennai for delay in EMI payments and waive off charges for cheque bounce for the months of November, State Bank of India (SBI) went a step further announcing a waiver of processing fees for loans that the public may seek to avail for effecting repairs and recouping damages.

SBI would also provide soft loans on convenient repayment terms for repair of cars to its existing car loan borrowers and salary advance loans for three months salary. Additionally, to make cash easily accessible to the customers, SBI has organised doorstep service in the affected localities by opening cash points through innovative modes like boats, autorickshaws, mobile vans, mobile ATM, handheld devices and business correspondents.

Several branches of SBI and ICICI Bank remained opened on Sunday in the affected areas wherever it was possible to make cash available to the people of Chennai.

While waiving of the penalty charges for delays in EMI payment and cheque bounce, DHFL, India’s second largest private housing finance company said it will enable affordable housing finance at competitive interest rates to the low and mid-income segment in Chennai whose homes have been impacted due to heavy rains and floods.

“While we are observing improvement in the weather condition in Chennai, it will take some time for the people to bring their lives back to the normal routine. We understand the current difficulties that our customers would be facing and would like to extend our support to the families,” said Harshil Mehta, CEO, DHFL.

To ensure speedy settlement of claims arising out of death, injury or damages, Tata AIG has set up a dedicated team to attend to all the claim intimations quickly.