KUALA LUMPUR: HSBC Malaysia is offering liquidity relief such as moratoriums and repayment flexibility to assist customers affected by the fallout from the Covid-19 coronavirus.
It said on Thursday that for its wealth and personal banking customers facing temporary cashflow problems, the latter can apply for interest/profit-only payment and moratorium for up to six months.
The moratorium is on loans/financing, mortgages/home-financing and retail business banking (Fusion) to help them to cope with their repayment.
HSBC also said customers may also apply for a moratorium for their credit cards payment for up to six months.
If needed, the bank could customise short-term arrangements according to customers’ needs in restructuring their financing, on top of the existing offers available to them.
As for commercial banking customers such as small and medium enterprises (SMEs), they could also apply for payment moratoriums.
The bank has also made available government-guaranteed borrowing facilities to continue to support those who need access to financing.
HSBC added that for commercial banking and global banking customers, it was providing repayment flexibility with extension of trade loans/financing payment period for 30 days.
“For customers with sound trade loan/financing record, the Bank has pre-approved 30-day extension of trade loans/financing maturing between March 18 and 31 without any additional fee or penalty rate.
“Customers can also choose to repay their loans/financing at the original maturity date, ” it said.
HSBC said these applications for relief measures would be assessed and approved on a case-by-case basis.
“The bank is actively evaluating further initiatives to support commercial and personal customers. Furthermore, HSBC will support its customers to navigate through their financial challenges in accordance to the Government’s 2020 Economic Stimulus Package, ” it said.
Source : https://www.thestar.com.my/business/business-news/2020/03/19/hsbc-malaysia-offers-relief-to-covid-19-affected-customers