XWBank Defers Repayments, Reduces Interest Rates for Customers Affected by Coronavirus

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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.

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