Hang Seng Bank floats relief measures for COVID-19 affected clients

Principal payment deferrals are offered for SMEs and commercial banking clients.

Hang Seng Bank is extending a number of relief measures for SMEs, commercial and retail banking customers affected by the coronavirus, according to a news release.

For its commercial customers and SME clients, the bank is enforcing an up to 60-day extension for import and export trade loans, as well as interest payments only on secured commercial loans or property loans with principal payment deferral for up to six months. The latter can be extended for another six months as a one-off arrangement.

In addition, Hang Seng will arrange interest payments only for taxi and public light bus loans with principal payment deferred for up to six months.

Until 30 June, SME customers who submit online applications for a business loan will have their fees waived, whilst those applying for a financing guarantee scheme will continue to receive full funding of up to $100,000 (US$12,874) for their guarantee fee in their first year.

Hang Seng has also guaranteed assistance to its retail banking clients. Starting 24 February, customers can pay interest only on their mortgage loans and reduce credit card interest.

Moreover, the bank’s insurance arm has launched additional coverage for customers impacted with the virus with no additional premium, valid for new and existing policies until 30 June.