All existing customers of HFC with mortgage loans are able to obtain personal loans under the Set Personal Loan at 50 per cent discounted establishment fee. This offer is limited to 31st of March 2012. The company has also reduced interest rates on personal loans, secured loans from 13.5 to 12 per cent and the unsecured from 17 per cent to 15 per cent, which is quite competitive.
From last December, HFC is providing unsecured loans as 10 per cent of the gross salary to the maximum of $5000, repayable over 24 months to even to non‐ HFC customers. This is subject to direct deduction of the repayment from source. “The response since last month has been terrific and we know that this is the time our people need funds for education” said Isikeli Tikoduadua, Chief Executive Officer. “We also note that from this January people will have some extra income with tax adjustments and this would ease the commitment or even would be able to borrow more for the right purpose” he added. For back to school promotion, payment could be made direct to institutions or even to the customers for ease of shopping.
Another interesting point of having accounts with HFC is the redraw facilities. This means whenever customer has surplus cash, can reduce the debt and in need of same can withdraw. “Customers can utilize the redraw facilities with no cost at all for the first four withdrawals. This means if the accounts are in advance of payment, no questions asked and have options to withdraw for personal needs. So this is one of the features of having loan accounts with HFC”, said CEO Isikeli.
HFC has been in the business since 1962 and this year marks the golden jubilee of the company, said the CEO.