Members of the Digital Lenders Association (DLAK), which represents 17 major digital lenders in the country, have today agreed to waive the late repayment fees as part of the measures to support customers during this time of the COVID-19 outbreak. 

The move will cushion the customers who are under distress, following the slowdown in the economy after disruptions to their day to day operations that could have had an effect on regular income flow. Customers are advised to seek more detailed information on the specific aspects of the waiver from their respective providers. 

The Association also supports the Presidents’ directive on the temporary suspension of the listing with Credit Reference Bureaus (CRB) of any person, Micro, Small and Medium Enterprises (MSMEs) and corporate entities whose loan account falls overdue or is in arrears, effective 1st April 2020.