Cholamandalam to give interest-free loans to Covid affected employees

CHENNAI: Non-banking finance company

Cholamandalam Investment and Finance Company

has announced interest-free loans for its Covid-affected employees and family on easy repayment terms.

The loan has no upper limit and must be repaid in 24 months.

Its CFO Arul Selvan said the loan is aimed at helping employees settle hospital bills and return home without any hassles. Despite having a health insurance, employees face a challenge with high hospital bills which is above the sum assured in the policy. In other cases, hospitals demand for cash payment of bills.

The

NBFC

also provides term life insurance- 50 times of monthly gross, hospitalization benefit like general medical insurance cover of up to 2.5 lakh. It has promised a monthly gross salary credit to the family of the deceased employee up to 24 months (with retrospect effect from April 2020 and not limited to

COVID

related deaths). And an additional Death Cover on account of the pandemic.

For deceased employees, the company will give employment opportunity on merits for the eligible dependents and continued Insurance coverage for the rest of the family members for a period of 12 months. It would support education of deceased frontline field employee’s children till graduation.

It has arranged a centralized COVID war room in every region to identify hospital beds, oxygen and medication for employees and their family. Webinars on guided meditation and practices to improve respiratory functions.

It has arranged for doctor on call 24/7 and vaccination support program for its employees.