The Commercial Banks in Fiji have cleared doubts on the perceptions regarding the basis of approval for any loan application.
Fiji Teachers Association members were concerned on the reduced contract period which is performance based and reviewed annually.
ANZ Fiji Country Head Saud Minam said “This is not the only criteria or assessment of a loan. What is of prime importance in assessing a loan application is the amount of the loan applied for, ability of the customer to meet the repayments, the equity or the contribution, the purpose, the collateral or security and the credit issue”.
Minam reiterated the need to refer to Commercial Banks for further clarification on the issue.
For instance, “HFC Banks continues to lend to employees both from public and private sectors who are on contract employment. HFC Bank notes that most modern-day employment arrangements are on a fixed term basis through employment contracts”.