More banks extending help to customers affected by Covid-19

More banks are offering assistance to customers affected by the COVID-19 outbreak.

Joining the effort is Standard Chartered Malaysia, together with its Islamic subsidiary, Standard Chartered Saadiq Malaysia, which is offering an interest-only payment option to its retail and small and medium enterprise (SME) clients whose business have been affected by the COVID-19 outbreak.

In a statement today, Standard Chartered Malaysia said clients may apply for the option to pay interest only on their installment loans for up to six months.

Head of retail banking, Lai Pei Si said the outbreak has rattled global markets and is beginning to have a material impact on businesses.

"As we receive better information on the spread of Covid-19 and understand how it has been impacting our clients in terms of supply chain, logistics and collections, it’s imperative that we come forward to their assistance.

“We are closely monitoring the progress of the outbreak and recognise that some clients are experiencing cash-flow concerns, so our focus is on prioritising their needs. 

"We hope that this measure will provide a form of relief for our clients as we continue to stand by them through this hard-hitting time," she said.

The payment option is available to both conventional and Islamic loans. Eligible customers are encouraged to reach out to the bank and apply for the option which has been made available since yesterday.

Meanwhile, OCBC Bank (Malaysia) Bhd, together with its Islamic subsidiary, OCBC Al-Amin Bank Bhd, is also extending assistance to businesses and individual customers affected by Covid-19.

OCBC Bank chief executive officer Ong Eng Bin said the bank will assess and provide the relevant assistance to the affected parties.

“It is vital that help is extended to our customers in a timely manner during this challenging time. 

"Any business having an issue with repaying their loans, working capital or cash flow should feel free to discuss the matter with us and we will try as much as we can to help them,” he said. - Bernama