Standard Chartered Malaysia offers flexible repayment terms on financing, loans

by BERNAMA / pic by AFP

Standard Chartered Bank Malaysia Bhd and Standard Chartered Saadiq Bhd are providing relief assistance for clients who are affected by the Covid-19 outbreak.

In a statement today, the bank said all individuals and small and medium enterprises with outstanding conventional loans or Islamic financing (except credit cards) with Standard Chartered Bank and Standard Chartered Saadiq will be automatically eligible for the deferment programme subject to meeting a few criteria, from April 1, 2020 for a six-month period.

“The criteria include not in arrears exceeding 90 days as at  April 1, 2020 and denominated in ringgit,” it said.

The bank said the products included in this deferment programme are personal loans/personal financing-i, residential mortgage/Saadiq MyHome-i or Saadiq MyHomeOne-i and commercial mortgage loan/ BizProperty Equity-i and business instalment loan/guaranteed instalment loans/biz-financing-i.

“During this period, eligible clients do not need to make any payment, and no late payment charges, compensation or penalties will be imposed.

“Interest or profit will continue to accrue on loan and financing payments that are deferred, and clients will need to honour the deferred payments in the future, while the interest for conventional loans as well as profit on Islamic financing will not be compounded during the moratorium period,” it said.

Standard Chartered said for the credit card payment deferment programme, clients have the option to convert their outstanding credit card balances, excluding installments, into a 36-month term loan at 13 per cent per annum, from April 1, 2020, for a six-month period.

Non-SME corporate clients,meanwhile, are advised to consult their Standard Chartered relationship managers to evaluate the situations they are facing.

Managing director and chief executive officer Abrar A. Anwar said the uncertainty caused by the pandemic has left many individuals and businesses in the lurch and this is the bank’s way of helping the customers to cope and navigate through this tough period.

“Our people remain contactable as we are digitally-equipped to continue serving our clients’ needs, and everyday banking transactions can still be conducted anywhere at any time via our online banking services,” he said.

Interested clients who wish to apply for or find out more information on Standard Chartered Malaysia’s relief assistance measures can call 1300-888-888, email [email protected] or speak to their dedicated relationship managers.