HSBC, Maybank relax loan repayments in view of Covid-19 crisis

HSBC and Maybank respond to appeals for financial assistance from the public and business community in view of difficulties posed by the Covid-19 pandemic.

PETALING JAYA: HSBC Malaysia and Maybank have come up with financial relief measures to help their customers affected by the Covid-19 pandemic and the government’s two-week movement control order (MCO) to stop the spread of the virus.

This follows calls from various parties for banks to be lenient with borrowers during this challenging period.

In a statement, HSBC said it is allowing customers to apply for a moratorium of up to six months for loans and credit card payments.

“The bank can also customise short-term arrangements according to customers’ needs in restructuring their financing, on top of existing offers available to them.”

For its commercial banking customers, HSBC said small and medium enterprises (SMEs) can apply for payment moratoriums while government-guaranteed borrowing facilities will continue to support those who need it.

“HSBC Malaysia’s dedicated business banking relationship managers are available to discuss the options available to customers.”

The various applications, it said, will be assessed on a case-by-case basis.

“HSBC has stood with Malaysia in good and bad times throughout the years. We are committed to continuing our support to the local community to the best of our capabilities,” said HSBC Malaysia CEO Stuart Milne.

Meanwhile, Maybank also announced a moratorium on loan repayments for up to six months.

“This could also include restructuring and rescheduling of financing facilities, if required.”

It said those affected by the current situation, could apply for a moratorium on car, personal, housing, Amanah Saham Bumiputera, education and SME loans.