Hong Leong Commits Targeted Assistance For MCO Affected Businesses

With the recent implementation of the nationwide Movement Control Order (“MCO”) 3.0, Hong Leong Bank and Hong Leong Islamic Bank is assuring its customers that it will continue to extend its targeted assistance payment/repayment packages to those that might be facing short term cash-flow disruptions due to the current MCO.

Group Managing Director Domenic Fuda, Group Managing Director stressed that the banks targeted assistance relief plans will continue to be in place to ensure that the right level of support is provided to customers as and when needed.

“We recognise that some borrowers will inevitably face cash flow challenges due to the ongoing pandemic impact.  Hence, we will continue to provide and make available repayment/payment relief to those customers needing assistance” he added.

Unlike the previous MCO’s, the latest lockdown allows businesses to operate with limited restriction except for reduced staff numbers, however F&B sector are struggling to cope due to only take-away options. We do see this sector affected the most throughout the three lockdowns, but many of the retailers are putting on a fighting spirit in hope for a eventual better days post Covid-19. As for the targeted assistance, under the eHLB’s relief assistance plans provide various customers’ needs based on their individual circumstances, which includes helping manage repayment/payment obligations such as restructuring and rescheduling of loan and financing, repayment/payment deferments and reduction on monthly loan/financing instalments. Under PRAP, there are dedicated plans for micro-enterprises, B40 and M40 customers etc. as well as managing credit card debt through the HLB Credit Card Conversion Relief Plan.

In addition, Hong Leong is also extending loan and financing to customers who have been looking at expanding their business, automating or digitising their operations, or individuals who are looking for new loan/financing to cater to their personal loan/financing needs.

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