Money & Banking

LoanTap waives penal charges for customers due to YES Bank moratorium

PTI New Delhi | Updated on March 24, 2020

Online lending platform LoanTap on Tuesday said customers whose repayments were delayed during the YES Bank’s moratorium period will not be levied any charges.

In the first week of March, YES Bank was placed under moratorium and withdrawal limits were imposed, due to which its banking operations were affected.

There will be no penal interest on customers whose repayment is delayed due to the moratorium on YES Bank, LoanTap said in a statement.

“In the process, customers associated with YES Bank or partnered institutes could have faced uncertain payment patterns. LoanTap has taken all steps to ensure uninterrupted service,” it said.

At the same time, the company is taking steps to ensure that the customers do not bear the brunt of the incident, it added.

Satyam Kumar, co-founder, LoanTap, said, “We are ensuring that no penal charges or penal interest is levied on those customers whose repayment is delayed due to moratorium on YES Bank. We will also ensure that there is no impact on their credit scores. Our customer service team is striving to provide seamless service and convenience.”

Published on March 24, 2020

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