26 March 2020, Kuala Lumpur – Standard Chartered Malaysia and Standard Chartered Saadiq Malaysia are providing relief assistance for clients who are feeling the impact of the Covid-19 outbreak. Under these measures, individuals and businesses can apply for flexible repayment options as well as extensions on their loans and financing with the Bank.
Abrar A. Anwar, Managing Director and Chief Executive Officer of Standard Chartered Malaysia, said, “The uncertainty caused by the pandemic has left many individuals and businesses in the lurch and this is our way of helping them cope and navigate through this tough period. Our role as a provider of financial solutions is all the more crucial in a time like this in easing our clients’ financial woes.”
Catering to different client segments, the relief assistance measures introduced by the Bank encompass the following:Loan / financing deferment programme
From 1 April 2020, for a 6-month period, all individuals and small and medium enterprises (SMEs) with outstanding conventional loans or Islamic financing (except credit cards) with Standard Chartered Bank Malaysia Berhad and Standard Chartered Saadiq Berhad will be automatically eligible for the deferment programme subject to meeting these criteria:
- not in arrears exceeding 90 days as at 1 April 2020; and
- denominated in Malaysian Ringgit.
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
- 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. The interest for conventional loans as well as profit on Islamic financing will not be compounded during the moratorium period.
Credit card payment deferment programme
From 1 April 2020, for a 6-month period, clients have the option to convert their outstanding credit card balances, excluding instalments, into a 36-month term loan at 13% per annum.
For non-SME corporate clients
Eligible clients are advised to consult their Standard Chartered relationship managers to evaluate the situations they are facing.
Abrar adds, “As the country’s first and oldest bank, we have had the privilege of standing by Malaysia’s side and witnessing as the nation overcame adversities and emerge stronger each time. We have no doubt that Malaysians will once again pull through this adversity,”
“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. We are all in this together, and as we ride out this challenging time together, our priority is to ensure minimal disruption to our services,” said Abrar.
During this difficult time, clients are also advised to utilise the Bank’s digital and mobile banking channels such as its online banking website, the SC Mobile app and Straight2Bank, a digital banking platform for corporate clients.
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.
--- ENDS ---
For further information please contact:
Head, Corporate Communications and CCIB
+6012 907 1740 [email protected]
Ang Hui Hsien
Associate, Corporate Communications and CCIB
+6017 316 2056 [email protected]
Standard Chartered Malaysia
Standard Chartered Bank, a member of the Standard Chartered Group was established in Malaysia in 1875. As Malaysia’s first bank, Standard Chartered leads the way through product innovation, consistent and strong growth performance and sustainability initiatives. The Bank provides a comprehensive range of financial solutions to corporates, institutions and individuals through its network of branches across Malaysia. The Bank has an Islamic banking subsidiary, Standard Chartered Saadiq; a global shared services centre, Standard Chartered Global Business Services; a sales arm, Price Solutions and an offshore facility in Labuan.
Standard Chartered employs over 7,000 employees in all its Malaysian operations.
We are a leading international banking group, with a presence in 60 of the world’s most dynamic markets, and serving clients in a further 85. Our purpose is to drive commerce and prosperity through our unique diversity, and our heritage and values are expressed in our brand promise, Here for good.
Standard Chartered PLC is listed on the London and Hong Kong Stock Exchanges as well as the Bombay and National Stock Exchanges in India.
For more stories and expert opinions please visit Insights at sc.com. Follow Standard Chartered on Twitter, LinkedIn and Facebook.