BOI grants 3-month moratorium on loans and slash interest rate by 2%

As part of the palliative for supporting businesses during the Covid-19 shutdown and losses, the Bank of Industry (BOI) has offered a three-month moratorium on all the loans it granted to borrowers to enable them cushion the impact of the outbreak on their businesses.

The BOI, in a statement released on Monday, said the loan repayment holiday conformed with the presidential directive on loan moratoriums and “advised that customers requiring more than three months can apply for a further extension, which can be up to one year (12 months).”

It said the decision had been communicated to customers and partnering commercial bank.

In a related development, the BOI said it had collaborated with its funding partners to obtain interest rate cuts on all its funded projects from 10% to 8% p.a.

“The Bank worked with the Nigerian Content Development Management Board to reduce the interest rates on credit facilities approved under its managed fund from 8% p.a. to 6% p.a.

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