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KUALA LUMPUR: Hong Leong Bank Bhd and Hong Leong Islamic Bank Bhd will continue to make its repayment relief assistance plans available with a simplified application process.
The assistance is for customers affected by Covid-19 and the Conditional Movement Control Order especially the B40 and M40 customer category as well as Microenterprises customers.
Having approved more than 98 per cent of applications received since the end of the moratorium, the banks are confident the simplified application process would further speed up the response to customers that apply for further assistance.
Under the dedicated B40 category, individual customers or their spouses categorised as B40 and registered on Bantuan Sara Hidup (BSH) or Bantuan Prihatin Rakyat (BPR), can now apply for relief without submission of documents from November 23 until June 30 next year.
"Under this simplified application process, customers can choose either a three-month loan deferment plan or 50 per cent reduction in monthly instalments for six months," they said in a statement.
The banks are also offering a 25 per cent reduction in monthly instalments for six months for customers who wish to manage their repayment while reducing the additional interest/profit accrued.
For Microenterprises, including businesses across all sectors with an annual sales turnover of less than RM300,000 or have less than five full-time employees as defined by SME Corporation Malaysia, the banks are extending additional relief facilities through Microenterprise Payment Relief Assistance Plans.
Eligible microenterprises can apply for either a three-month loan deferment or a 50 per cent reduction in monthly instalments for six months, with just a declaration that their businesses have seen reduced income due Covid-19 and CMCO.
As for the M40 category customers, they do not have to submit any documentation at the point of application for the assistance as validation of documents can be done after the application has been received and processed by the banks.
Domenic Fuda, group managing director and chief executive officer of Hong Leong banking group, said since February 2020 at the start of the pandemic here, the group needed to be very quick and efficient in responding to and processing its customers' requests for payment relief assistance.
"It is crucial to ensure that they not only received the necessary cashflow to support their families and keep their business operations going, but it also provided them with the relief of knowing that financial assistance is promptly being made available for them so that they are able to better plan their finances during this difficult period. With these simplified processes, we reassure customers that getting the help they need will be simple and fast." he added.
Source: https://www.nst.com.my/business/2020/11/643840/hong-leong-simplifies-repayment-relief-applications-individuals-micro-smes