KUALA LUMPUR, 26 March 2020 – Standard Chartered Malaysia and Standard Chartered Saadiq Malaysia are providing relief assistance for clients who are feeling the impact of the COVID-19 outbreak. Under these measures, individuals and businesses can apply for flexible repayment options as well as extensions on their loans and financing with the Bank.
“The uncertainty caused by the pandemic has left many individuals and businesses in the lurch and this is our way of helping them cope and navigate through this tough period. Our role as a provider of financial solutions is all the more crucial in a time like this in easing our clients’ financial woes.”
Abrar A. Anwar, Managing Director and Chief Executive Officer of Standard Chartered Malaysia
Catering to different client segments, the relief assistance measures introduced by the Bank encompass the following:
Loan / financing deferment programme
From 1 April 2020, for a 6-month period, all individuals and small and medium enterprises (SMEs) with outstanding conventional loans or Islamic financing (except credit cards) with Standard Chartered Bank Malaysia Berhad and Standard Chartered Saadiq Berhad will be automatically eligible for the deferment programme subject to meeting these criteria:
• not in arrears exceeding 90 days as at 1 April 2020; and
• denominated in Malaysian Ringgit.
The products included in this deferment programme are:
• Personal Loans / Personal Financing-i
• Residential Mortgage / Saadiq MyHome-i or Saadiq MyHomeOne-i and Commercial Mortgage Loan / BizProperty Equity-i
• Business Instalment Loan / Guaranteed Instalment Loans/Biz-Financing-i
During this period, eligible clients do not need to make any payment, and no late payment charges, compensation or penalties will be imposed. Interest or profit will continue to accrue on loan and financing payments that are deferred, and clients will need to honour the deferred payments in the future.
The interest for conventional loans as well as profit on Islamic financing will not be compounded during the moratorium period.
Credit card payment deferment programme
From 1 April 2020, for a 6-month period, clients have the option to convert their outstanding credit card balances, excluding instalments, into a 36-month term loan at 13% per annum.
For non-SME corporate clients
Eligible clients are advised to consult their Standard Chartered relationship managers to evaluate the situations they are facing.
During this difficult time, clients are also advised to utilise the Bank’s digital and mobile banking channels such as its online banking website, the SC Mobile app and Straight2Bank, a digital banking platform for corporate clients.
Interested clients who wish to apply for or find out more information on Standard Chartered Malaysia’s relief assistance measures can call 1300-888-888, email [email protected] or speak to their dedicated Relationship Managers.
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