Banks Offering Moratorium For Flood Victims Including SME’s

2021 is starting off not so well for Malaysia, on top of the ongoing battle with the pandemic which has led to another MCO, heavy monsoon season is causing unexpected floods in Johor, Kelantan, Pahang and Terengganu. Seems climate change is effecting the planet in different ways and over here it has been torrential downpours unlike any other. Reports of houses swept away, sinking cars and hundreds of residents relocated to flood centres is becoming a daily affair. The affected people are displaced from their homes and distraught from the whole episode the last thing on their mind is installment payment to the banks. Luckily, some of the banks have stepped in and are offering respite to these victims.

Alliance and Hong Leong bank is offering Flood Relief Assistance in the form of deferment of up to a six-month payment for all loan and financing facilities, including credit card. Additional the banks are also making available financing will to existing SME and commercial customers who require working capital to facilitate their business recovery as a result of the recent floods.

Affected customers who are currently receiving assistance under the Bank’s Payment Relief Assistance Plans (“PRAP”), as well as the customers under the Payment Relief Assistance for B40, M40 and Microenterprises for COVID-19 related issues, are also eligible to apply for the Flood Relief Assistance. Hong Leong is also offering free replacement of bank-related documents such as debit and credit cards as well as cheques and bank statements damaged or lost in the floods.

Domenic Fuda, Group Managing Director and Chief Executive Officer of HLB said, “The incessant heavy rains have affected over 27,000 people across various states and this is on top of the impact of the pandemic. We have identified and engaged directly with our customers in the affected areas to offer them immediate relief assistance so as to ease their burden.

Customers are encouraged to contact their respective banks to engage closely on how they can take part in the programs.

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