OCBC Bank: Individuals and businesses should continue to seek assistance if impacted by Covid-19
Individuals and businesses should continue to come forward to seek consideration for assistance if they are impacted by the effects of Covid-19, according to OCBC Bank (Malaysia) Berhad (OCBC Bank) CEO Dato’ Ong Eng Bin.
Highlighting this today, he said the Bank has been responding to a range of requests in the form of assistance ranging from moratoriums and extensions to temporary lines.
“OCBC Bank and our Islamic banking subsidiary OCBC Al-Amin Bank Berhad (OCBC AlAmin) have been reviewing and responding to several worthy cases in these uncertain times and we believe there are even more customers out there who might need our assistance. So any business or individual 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 our best to help them during this challenging period,” he said.
Among the relief measures the Bank has put in place are a 6-month moratorium on principal repayment for housing loans/financing, bridging loans and additional working capital lines. In addition, there is a Special Relief Fund for Small & Medium Enterprises (SMEs) to help alleviate short term cash flow problems.
“We are assessing requests based on the degree of impact and are striving to accommodate these wherever possible. Relief assistance and moratoriums will generally be offered based on the degree of impact. Those in the tourism and travel industries, for example, can expect to be considered for moratoriums on their principal repayments, extension of tenures and temporary relief facilities; while those involved in property development, retail complexes and property launches might expect consideration in the form of a rollover of trade facilities, extensions of tenure, moratoriums on their principal and temporary relief facilities. Those from other affected industries should also feel free to talk to us, especially to restructure or reschedule their loans,” he said.