Kuala Lumpur, 23 November 2020 – Following the recent Budget 2021 and Bank Negara Malaysia’s announcement, Hong Leong Bank and Hong Leong Islamic Bank Berhad (“HLB” or the “Bank”) announces that the Bank will continue to make its Payment Relief Assistance Plans (“PRAP”) available with a simplified application process for customers affected by COVID-19 and the Conditional Movement Control Order (“CMCO”) especially the B40 and M40 customer category as well as Microenterprises customers.
Already approving more than 98% of applications received since the end of the moratorium, HLB is confident the simplified application process will further speed up the response to customers that apply for further assistance.
Under the dedicated B40 Category Payment Relief Assistance Plans (“B40PRAP”), individual customers or their spouses categorised as B40 and registered on Bantuan Sara Hidup (“BSH”) or Bantuan Prihatin Rakyat (“BPR”), can now apply for relief without submission of documents starting 23 November until 30 June 2021. Under this simplified application process, customers can choose either a 3-month loan deferment plan or 50% reduction in monthly instalments for 6 months. Additionally, the Bank is also offering a 25% reduction in monthly instalments for 6 months for customers who wish to manage their repayment whilst reducing the additional interest/profit accrued.
For Microenterprises, including businesses across all sectors with an annual sales turnover of less than RM300,000 or have less than 5 full-time employees as defined by SME Corporation Malaysia, the Bank is extending additional relief facilities through Microenterprise Payment Relief Assistance Plans (“MPRAP”). Eligible microenterprises can apply for either a 3-month loan deferment or a 50% reduction in monthly instalments for 6 months, with just a declaration that their businesses have seen reduced income due COVID-19 and CMCO.
As for the M40 category customers, they do not have to submit any documentation at the point of application for the Bank’s PRAP as validation of documents can be done after the application has been received and processed by the Bank.
Application starts from 23 November until 30 June 2021, giving customers the peace of mind, knowing that assistance from the Bank will available if the need arises in the near future.
Domenic Fuda, Group Managing Director and Chief Executive Officer of HLB said “Since February 2020 at the start of the pandemic in our community, we realised that we needed to be very quick and efficient in responding to and processing our customers’ requests for payment relief assistance as it was crucial to ensure that they not only received the necessary cashflow to support their families and keep their business operations going, but it also provided them with the relief of knowing that financial assistance is promptly being made available for them so that they are able to better plan their finances during this difficult period. With these simplified processes, we reassure customers that getting the help they need will be simple and fast.”
Fuda continued, “On top of payment relief, the Bank also has a dedicated plan to help customers managing their credit card debt through the ‘Credit Card Conversion Relief Plan’ under HLB PRAP. 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 are open until 30 June 2021.”
To find out more and apply for HLB/HLISB PRAP, please log on to www.hlb.com.my/relief or visit any HLB/HLISB branches.
Alternatively, 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.