Soft loans for Cyclone Harold victims
The Vanuatu National Provident Fund says it will be providing soft loan support for Cyclone Harold victims.
Vanuatu National Provident Fund (VNPF) General Manager, Parmod Archary, says the soft loans will help Cyclone Harold victims in the country’s North.
Mr Archary says the loan application forms will be available at the fund’s branches in the outer islands affected by Cyclone Harold. They will also be available on the VNPF website, for those willing to fill up the forms online.
The VNPF says it is still preparing the forms.
Mr Archary says that the Cyclone Harold soft loans are similar to the COVID-19 loans that have been given out to fund members who have been impacted by the COVID-19 situation.
He says applicants will have to provide evidence through the National Disaster Management Office that their property had been damaged by the cyclone.
A ‘soft’ loan, is used to describe a loan that is made on terms very favourable to the borrower.
Mr Archary says VNPF will start with loans of VT100,000 but if a fund member needs more than that amount, they will be charged with an interest rate below eight percent.
VNPF teams will go out to the affected islands to make loan assessments.
Mr Archary says it is important that fund members use the loan money to rebuild their homes.