Covid-19 reduction in bank loan interest
Covid-19 reduction in bank loan interest – Singapore is going through a very tough economic situation. We are seeing the decrease in effective interest rates by the bank to lend to the businesses in all sector to keep everyone afloat and going on and if this virus does not go off soon, we will see a wave of bankruptcy hitting the economy. Covid-19 has been exceptionally difficult for many people and businesses and there are many people who are suffering.
Retretchnment has also hit many people and we know that businesses are struggling badly. Those in events and also those that are in the tourism sector are also facing a lot of problems.
The economy is not expected to get better until the end of the year and this is true for many people who are going through tough times.
We are also seeing a major slow down in trade because of the slowdown in the world economy with both superpowers being hit hard by the virus.
Lockdown in almost every part of the world has also reduced economic activity and this is particularly bad in the USA and also Europe.
They can advise you in this matters because you will be able to get better rates and also faster access to such loans. Loan brokers are also able to give a good review of whether you will qualify you do not waste a good chance of getting the loan approved and having to wait for 6 months before you are able to work things out again.