On 1 April 2020, Hong Leong Bank introduced a six-month Industrial Hire Purchase (IHP) Monthly Repayments Deferment Program for IHP customers whereby your monthly instalments were deferred (“Deferred Instalments”) for the period commencing 1 April 2020 to 30 September 2020 (“Deferment Period”).
(i) If you seek further assistance on deferring your instalments, you can opt in for our Deferment Plan. In order to formalise the Deferment Plan under the terms and conditions of the IHP, you are required to give your consent as per section “A” (What you must do) below by 30 September 2020.
(ii) If you decide to settle your deferred instalments, please make the full payment by 30 September 2020. Kindly refer to section “B” (Continue Instalments as usual) below.
(iii) If you are facing financial constraints and unable to make payment for any of your instalments, please apply for our Payment Relief Assistance Plan at www.hlb.com.my/relief.
A. If you wish to opt in for the Deferment Plan, please notify us before 30 September 2020:
- Individual: click here to opt in.
- Non-Individual: click here to opt in.
You will need to fill up the form and key in the 6 digit unique code sent to you.
B. Continue Instalments as usual.
- No notification to the bank is required.
- Settle the balance of your unpaid Deferred Instalments.
- Continue your monthly instalments as usual.
- If you have a standing instruction that was initiated by us for your financing, we will reinstate it from 1 October 2020 onwards.
The following terms shall apply to your facility, should you choose to participate in the IHP Deferment Plan.
1. Interest chargeable on Deferred Instalments
During the 1 April – 30 September deferment period:
- No interest will be charged on the Deferred Instalments.
After the deferment period starting 1 October 2020:
- Deferred Interest will be charged on all Deferred Instalments until fully settled.
- The interest rate applied on the Deferred Instalment is the same as the Contractual Rate (Annual Percentage Rate) of your existing IHP facility.
- The term of your IHP will be extended up to 6 months to cater for the repayment of the Deferred Instalments and Deferred Interest.
- Any accumulated interests on Deferred Instalments must be fully settled with your final instalment.
2. Payment of Deferred instalments
You may choose to pay all your Deferred Instalments and avoid deferred interest.
Pay any of the Deferred Instalments fully or partially at any time after the Deferment Period. For this option:
(i) Deferred interest will be charged on Deferred Instalments as specified as per item (1) above.
(ii) Deferred interest charged that has accumulated on the Deferred Instalments must be fully settled with your final instalment.
Any payments made prior to the maturity of your IHP facility will reduce the outstanding Deferred Instalment and your deferred interest at maturity.