The banks said in a joint statement that clients may apply for the option to pay interest only on their instalment loans for up to six months.

KUALA LUMPUR: Standard Chartered Malaysia and Standard Chartered Saadiq Malaysia have offered an interest-only payment option to its retail and small and medium enterprises (SME) clients whose business has been affected by the COVID-19 outbreak. 

The banks said in a joint statement that clients may apply for the option to pay interest only on their instalment loans for up to six months.

StanChart Malaysia head of retail banking Lai Pei Si said the outbreak had rattled global markets and was beginning to have 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.”

Lai said the payment option was available to both conventional and Islamic loans.

“Eligible customers are encouraged to reach out to the banks and apply for the option which has been made available starting yesterday,” she added.