Banks in Malaysia are offering assistance to their clients affected by the coronavirus outbreak.
The Association of Banks in Malaysia (ABM) informed that its member banks are ready to assist with coordinated measures to businesses affected.
“In addressing the adverse financial circumstances faced by borrowers brought upon by the 2019-nCoV outbreak, options may involve loan rescheduling & restructuring and/or moratorium on loan repayment(s). Such assistance would be subject to independent assessment by member banks on a case-to-case basis,” said ABM.
Among the banks that have announced their support are Standard Chartered, Maybank, Public Bank, OCBC Bank, AmBank, Alliance Bank and RHB Bank. More banks will be expected to provide assistance to their affected customers.
Lai Pei Si, Head of Retail Banking of Standard Chartered Malaysia said, “The outbreak has rattled global markets and is beginning to have material impact on businesses. As we receive better information on the spread of Covid-19 and understand how it has been impacting our clients in terms of supply chain, logistics and collections, it’s imperative that we come forward to their assistance.”
Standard Chartered Malaysia and Standard Chartered Saadiq Malaysia are offering an interest-only payment option to its retail and SME clients affected by the Covid-19 outbreak. Clients may apply for the option to pay interest only on their instalment loans for up to six months.
“We understand that this is a difficult time for everyone, in particular the SMEs, and empathise with customers affected by this challenging situation. We are committed to help alleviate our customers’ burden and ensure business continuity,” echoed Alliance Bank’s Group Chief Executive Officer, Joel Kornreich.
Alliance Bank allows deferment of loan instalments or financing servicing (of principal and interest/profit), and loan restructuring and rescheduling for up to six months, as well as waiver of late charges for loans or financing. The Bank added that there will be complimentary insurance coverage to their customers when they open an Alliance SavePlus or investment account between 14 February 2020 and 13 April 2020.
If you or your business are affected by the Covid-19 outbreak, do consult your bank for options available pertaining to your loan commitments and/or repayments.