Last Updated at: 2020-08-02 16:54:08
Over 25600 Kenyans have failed to pay Helb loans due to the coronavirus effects in the country. It's reported that a few Helb beneficiaries have renegotiated or have denied to clear their loans due to the tough economic conditions that have changed the normal borrowing of money situation from financial institutions.
According to Helb's book of loans, about 4.6 billion shillings loans which is equivalent to sixteen percent of the 28.5 billion shillings borrowed have been affected by the current economic situation in Kenya.
Since March this year, Kenyans have been struggling to make loan payments due to their salary pay cuts and forced job leaves that have seen majority of affected Kenyans not earning a penny from their bosses.
For instance BOM and private schools teachers are reportedly suffering from debts since the beginning of COVID-19 pandemic in Kenya which saw the majority of them lose their jobs which is now affecting their loan repayments.
While admitting a loan repayment drop of sh0.8, Mr Charles Ringera the Helb chief executive officer said some employers and Kenyans owing Helb money have been given a repayment moratorium.
Further Mr Ringera said some loanees have been given a downwards monthly rates review to enable them pay their loans with less difficulties.
All Comments (1)
Nokia Scholarship, is a fully funded scholarship program in Finland