Opportunity to pay off debt with 7 percent interest
Finance Minister AHM Mustafa Kamal said, the government is allowing ‘good’ loan defaulters to pay off their debt in an easier way. Their loan interest rate will be reduced. Those who are unable to pay, but can give ‘logical reason’ for their situation, will be allowed to pay off the loans with 2 percent down payment on the amount of loan and 7 percent interest over 12 years.
He said these after holding meeting with Bangladesh Bank Governor, banking and financial division Secretary, Finance Secretary, NBR Chairman and BSEC Chairman at Sher-e-Bangla Nagar in the capital on Monday.
The Finance Minister said, the decision has been taken following recommendation of the committee formed by former finance minister Abul Maal Abdul Muhith to drive out problems of banking sector.
He said, there is no exit way for the debtor in our country but it is prevailing in all the countries of the world. To do business nobody can get profit for throughout his life. Sometimes they have to face loss.
Mustafa Kamal said, of the debtor there are ‘honest’ and ‘dishonest’ debtors. The honest debtors will be given opportunity. For the last few days we were saying that interest rate will be single digit. Now we are making it single with our own initiatives.
He said, we become happy after profit but we cannot provide something if loss is occurred. We impose interest if loss is gained. The former finance minister was working to drive away the problems. In this continuation we sat for today.