KUALA LUMPUR, 25 March 2020 – Hong Leong Bank and Hong Leong Islamic Bank Berhad (HLB) will be participating in the automatic 6 months loan/financing repayments/payments moratorium of principal and interest (except credit cards balances) for all the Bank’s small and medium enterprises (SMEs) and individual customers, effective 1st April, 2020.
This follows Bank Negara Malaysia’s latest measures to assist borrowers/customers experiencing temporary financial constraints due to the COVID-19 outbreak.
All SME loans and loans to individuals (including auto, housing, mortgages, personal loans/financing) will be given the automatic 6 months deferment period. Customers can opt-out of this loan deferment by continuing to service their monthly loan/financing as per normal.
For credit cards, cardholders will have the option to convert outstanding credit card balances into a term loan/financing for a tenure of not more than 3 years at an effective interest/profit rate of 13% p.a.
Customers can similarly continue to use their credit card per normal and pay their monthly credit card payment as normal, if they are able to do so.
Corporate customers can apply for loan deferment through their Relationship Managers and will be evaluated on a case-by-case basis.
“HLB will continue to provide the necessary support and collaborate closely with our customers to make sure that short term cash flow challenges don’t turn into problems of long term business viability, so businesses can re-start operations and individuals can return to work and normal lives once the fight against COVID-19 is behind us.”
Domenic Fuda, Group Managing Director and Chief Executive Officer of HLB
The Bank is also continuing to extend support to SMEs via the BNM’s Special Relief Facility that offers SMEs up to RM 1 million in financing with no collateral required, a term loan of up to 5.5 years and at a financing rate capped at 3.75 per cent.
More details of the HLB Loan Deferment Program will be updated on: