Tonga Development Bank reduces interest rates [1]
Thursday, May 17, 2012 - 17:51. Updated on Monday, September 9, 2013 - 18:40.
The Tonga Development Bank (TDB) has reduced its interest rates by 1% on customer loans, and has offered a 50% repayment reduction on all monthly loan repayments for three months, effective 1 May 2012.
The TDB's assistance package is said was "due to the continuing downturn in the economy resulting in financial and economical hardship faced by the TDB clients.
"The 1% reduction in interest rate is a long term strategy to reduce the financial costs incurred by our borrowers.
"The reduction in the loan repayment aims to help TDB clients meet church, educational, family and social obligations during May, June and July."
Customers who wish to take up this offered were advised to contact the bank, starting from May 1.
This is the fourth time that the TDB has offered a three months 50% loan repayment reduction, the first time was in 2010.