HSBC Bank (Singapore) today announced a series of support measures to help retail banking customers better manage their cash flow amidst the ongoing outbreak of COVID-19.
Mr Anurag Mathur, Head of Retail Banking and Wealth Management, HSBC Bank (Singapore) said: “The COVID-19 situation has impacted many travel, hospitality and F&B businesses and trades as well as the livelihood of Singaporeans operating or working in these sectors.”
“Property loan and credit card repayment makes up a large part of many Singaporeans’ monthly expenses. We hope the support measures will provide some financial reprieve but, most importantly, help our affected customers to proactively manage their finances and tide them over during this critical period.”
HSBC Bank (Singapore)’s measures are designed to ease the financial burden of its property loan and credit card customers with a specific focus on individuals employed in vulnerable industries such as aviation, hospitality, tourism, transportation, retail and food & beverages whose monthly income were impacted by the COVID-19 outbreak. Both support measures will be available from today onwards.
Affected HSBC Bank (Singapore) property loan customers who meet the eligibility criteria including having a good repayment history can choose to defer repayment of their outstanding loan principal for six or twelve months. Under the scheme, eligible customers simply need to make interest repayment during the agreed period.
HSBC Bank (Singapore) will reduce the revolving interest rate by half for up to six months for its affected credit cardholders who meet the eligibility criteria including having a good repayment history. Upon expiry of the six-month period, any outstanding balance will be reverted back to the prevailing rate.
With the ongoing COVID-19 issue, HSBC Bank (Singapore) understands customers’ concerns with going to its branches to do banking. As such, the Bank has been proactively reaching out to its existing and new customers to help shift them to its internet and mobile banking platforms, which can support their payment and fund transfer needs.
Today’s announcement follows the introduction of a series of other relief measures by HSBC in support of individuals, businesses and communities in Singapore that have been impacted by COVID-19. These include:
More broadly, HSBC is working with individuals or businesses facing financial distress as a result of COVID-19 outbreak to review their current situation and identify appropriate arrangements.
*Note: Measures are for a limited time period and subject to changes,
For more information on the mortgage and credit card support measures, please visit: www.hsbc.com.sg/covidsupport