HLB Extends Payment Assistance into 2021
Hong Leong Bank to Extend Targeted Payment Relief Assistance to Customers into 2021
Kuala Lumpur, 26 October – Hong Leong Bank and Hong Leong Islamic Bank (“HLB” or the “Bank”) today reiterated that it has continued to work with customers since the end of the auto-moratorium to extend targeted assistance to those that are yet to recover from the impact COVID-19 has had on their employment/income or, cashflows. The HLB Payment Relief Assistance Plans (“HLB PRAP”) will remain available to help customers in their recovery journey and this includes customers who have started making their regular payments, but could face challenges down the road where they will still be able to apply for HLB PRAP before 30 June 2021.
These targeted relief assistance plans will provide payment flexibility to suit customers’ current or evolving financial situation. Relief assistance includes, but is not limited to, an additional payment deferment period for customers who have lost their jobs or shuttered their businesses, or a reduction in monthly loan/financing instalments with an extended loan tenure corresponding to the customers’ degree of income reduction.
Domenic Fuda, Group Managing Director and CEO of HLB reassures customers that even though the industry-wide loan/financing moratorium period has ended, the Bank will continue extending relief to all customers for as long as the situation calls for.
“We are living in a volatile and uncertain time, and we are not out of the woods yet with COVID-19. We are also cognizant that economic recovery will take some time and the recovery journey is not uniform for everyone. Hence, the Bank remains focused and agile in ensuring we provide the necessary additional assistance to those who need it, just like we have done since February this year.
“With the recent wave of COVID-19 cases across the country, we foresee that some customers will either continue to, or are likely to experience some income or cashflow uncertainty. With this in mind, we have designed the targeted payment relief assistance plans to ensure that we have all the right options to cater for the specific needs of our customers. We also want to encourage customers who are able to start their repayments to do so, as in the long run it will reduce their borrowing costs. For those who are making payments, we would like to reassure them that we are here to help should their situation change and warrants a reassessment of their repayment commitments.”
On top of payment relief for income or job loss, the Bank also has a dedicated plan to help customers managing their credit card debt through the ‘Credit Card Conversion Relief Plan’. This plan allows customers to convert their outstanding credit card balance into a term loan with the option to opt-in for a 36-month instalment plan at an effective interest rate of 13%p.a. (Flat interest rate 7.1%p.a.). Applications for this is open until 30 June 2021.
Fuda emphasized, “We’re also extending assistance to clients that have been looking at expanding their business, or automating or digitising their operations, or even to individuals who are looking for new financing to cater for their personal needs. We want to ensure that we do our part in both helping existing borrowers with their financial commitments as well as provide support to those that have a need for new financing.”
For customers – individuals or SMEs who would like independent assistance can approach the Credit Counselling and Debt Management (“AKPK”), established by Bank Negara Malaysia to provide free services on money management, credit counselling, financial education and debt restructuring for individuals. AKPK can be contacted at 03-26167766 or https://www.akpk.org.my.
For more information on the Bank’s Payment Relief Assistance Plans, please visit www.hlb.com.my/relief. Customers can also call the dedicated HLB/HLISB Payment Relief Assistance Plan hotline: 03-7959 1888 (Monday – Thursday from 8:45am – 5:45am.; Friday from 8:45am – 4:45pm) or HLB/HLISB Contact Centre: 03-7626 8899 (Monday-Saturday from 9:00am to 6:00pm) to find out more.