Hong Leong Bank and Hong Leong Islamic Bank (HLB) 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 cash flows.
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.
The 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,” he said.
“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,” he added.
Besides that, the HLB also has a dedicated plan to help customers manage 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.).
The application for this is open until 30 June 2021.