Sichuan-based online lender XWBank (新网银行) has unveiled a range of special measures for customers impacted by the spread of the novel coronavirus.
On 20 February XWBank released its “Public Announcement Concerning Expanding Financial Support for the Micro-and-Small Loan Demographic during the Key Period of Prevention and Containment of Disease” (关于疫情防控关键时期加大小微群体金融支持的公告) via its official WeChat account.
According to the Announcement XWBank will provide a range of special measures to five categories of people affected by the novel coronavirus, including:
Persons who have contracted the novel coronavirus,
Persons who are segregated as a result of the impacts of the coronavirus,
Frontline medical staff,
Other personnel who provide key support to efforts to contain or cure the novel coronavirus,
Customers who are temporary without income resources as a result of the impacts of the disease.
Concessions will include:
Deferral of loan repayments,
Reductions or exemptions on loan interest rates or penalties,
Overdue credit exemptions.
XW Bank has also made arrangements for specialist loan fund of 1 billion yuan for customers, with an especial focus on customers procuring, delivering or selling medical supplies for coronavirus containment efforts.