Cash Flow Relief
Cash Flow Relief<br/>紓緩現金周轉

Battling with months of protests, Sino-U.S. trade war, and now the Covid-19 virus, have left many businesses with liquidity problems. We have compiled a table of the latest schemes offered by the four major banks. We encourage members to contact the banks at the numbers provided for assistance.

Bank of China (Hong Kong) Limited The Hongkong and Shanghai Banking Corporation Limited Standard Chartered Bank Limited Hang Seng Bank Limited

Introducing principal moratorium for mortgage loans: This is an effort to relieve the pressure of making monthly repayments for the individual and commercial customers who are more severely affected by the novel coronavirus outbreak, including but not limited to those in retail, food and beverage, logistics, tourism, hospitality and entertainment industries. From now till 30 June 2020, customers may apply for principal moratorium of up to 6 months. Upon expiration, customers may apply to extend for another 6 months, subject to a maximum of 12 months in total. During such period, only interest payments have to be made, allowing more financial flexibility for customers. BOCHK will also waive the relevant handling fees for the application.

Extension of principal moratorium to taxi and public light bus loans and property-secured commercial loans: HSBC has been offering a principal repayment moratorium on loans under two Government SME loan schemes since September 2019. To provide relief to more customers, the principal moratorium will now be extended to borrowers of taxi and public light bus loans. By 30 June 2020, eligible customers can apply to defer principal repayment for up to six months. Borrowers of property-secured commercial loans can apply to defer principal repayment for six months, which can be renewed for another sixmonth period, to provide a total extension period of 12 months. 

Mortgage Principal Payment Holiday: SC will offer Mortgage Principal Payment Holiday of six months to our individual clients (including those under the mortgage insurance plan) to reduce their immediate financial burden, with an option to extend the interest-only period for another six months. Clients who have a good repayment record in the past twelve months, have not participated in any government subsidy programmes, and meet our eligibility requirements can apply for the principal payment holiday from 1 March to 30 June 2020. Forms can be obtained via www.sc.com/hk, mortgage hotline 2886-8863, or any of our branches starting from 1 March 2020.

Principal Repayment Deferral : Property mortgage loan, secured commercial loan and loan under SME Financing Guarantee Scheme (“SFGS”)  6 months Principal Moratorium are offered to defer principal repayment for up 6 months, which can be renewed for another 6-month period to provide a total extension of 12 months. Tenor extension for corresponding periods can be arranged if needed.

Launching a special loan scheme for SMEs to relieve the epidemic impact: In order to support SMEs during this difficult time, from now till 30 June 2020, eligible customers may apply for such express loans without collaterals. Such loans will be approved as soon as within one day with cash available for withdrawal within three. The scheme offers preferential interest rates and a handling fee waiver. The maximum loan amount is HK$2,000,000, with a repayment period of up to 60 months. In addition, the Bank continues to provide support to SME customers through the SME Financing Guarantee Scheme (SFGS) or SME Loan Guarantee Scheme (SGS). Customers who apply for the SFGS or SGS through BOCHK may apply for principal moratorium of up to 6 months. Upon expiration, customers may apply to extend for another 6 months, subject to a maximum of 12 months in total. During such period, only interest payments have to be made. New applicants under the SFGS and SGS through BOCHK will enjoy a handling fee waiver for loan application and account opening. New applicants under the SFGS will enjoy a guarantee fee rebate of up to HK$100,000.

Cash flow support for trade finance customers with up to HKD10 million quick cash facility. By 30 June 2020, eligible trade finance customers can apply to convert part of their available trade loan facility into an overdraft facility of up to HKD10 million for six months to help them meet daily operational needs such as employee payroll and rental. No documentary proof is required. 

Supporting the SMEs: 

1. Existing clients under Business Instalment Loan, SME Financing Guarantee Scheme and SME Loan Guarantee Scheme can apply for Principal Moratorium of up to six months which is renewable, subject to a maximum of twelve months in total until 3 September 2020.

2. New applicants for the SME Financing Guarantee Scheme can enjoy a 50% subsidy for all tenors on guarantee fee until 30 June 2022. The subsidy is capped at HKD50,000 per client.

3. Account maintenance fee waiver for Start-ups or Business Instalment Loan/ SME Financing Guarantee Scheme/ SME Loan Guarantee Scheme clients.

4. Zero handling fee for new applications to the SME Financing Guarantee Scheme and SME Loan Guarantee Scheme.

5. Fast-track application process for the SME Financing Guarantee Scheme and SME Loan Guarantee Scheme up to a maximum of HK$3,000,000.

SME Financing Guarantee Scheme (“SFGS”): From now to 30 June 2020, customers who apply for SME Financing Guarantee Scheme will continue to receive full guarantee fee subsidy, capped at HKD100,000.  80% Guarantee Products include Instalment Loan; Term Loan; Revolving Loan; Overdraft Facility; Trade Facility, its maximum facility amount up to HKD15,000,000, maximum guarantee period up to 7 years. Applicants can enjoy up to HKD100,000 Guarantee Fee Subsidy, and successful applications for trade facilities under SFGS can enjoy an extra HKD5,000 Trade Service Fee Discount Coupons.

Services and offers are subject to terms and conditions. For details, please visit www.hangseng.com/sfgs_promo

Providing support in ensuring the supply of medical resources: In an effort to ensure the supply of medical resources for protection against the epidemic, BOCHK will provide financial support to enterprises that manufacture medical and anti-epidemic supplies, protection equipment and pharmaceuticals to help them increase production capacity. We will give priority to customers in processing account opening, global remittance, payment settlement and donation related to the purchase of medical supplies. All handling fees will be waived.

Repayment flexibility with extension of import trade loan payment period for 30 days. For customers with sound trade finance record, the Bank has preapproved 30-day extension of import trade loans maturing between 10 February and end-April 2020 without any additional fee or penalty interest. No application is required. Customers can also choose to repay their loans at the original maturity date. 

 

Trade loan tenor extension: Trade loan tenor extension by 30 to 60 days for trade finance products include Import Trade Loan, Export Trade Loan, Packing Loan, Order Packing Loan and Loan for Settlement of Bills under Import Documentary Credit or Documentary Collection.

 

Offering insurance grace periods and additional protection: A grace period for premium payment will be extended to 30 June 2020 if customers are unable to pay on time their premium of the designated life insurance plans of BOC Life. In addition, in view of the novel coronavirus outbreak, from now till 30 April 2020, BOC Life is offering extended cover that optimises protection and services, with simplified claims procedures and priority claims approval. In the unfortunate event that the insured under personal insurance policies has been diagnosed with novel coronavirus during the coverage period, BOC Life will offer a number of benefits, including an additional daily hospital cash payment of HK$500, the inclusion of novel coronavirus in the “Infectious Disease Protection – Isolation Ward” benefit, and a one-time mandatory quarantine cash allowance of HK$2,000 to “Hospital Cash Benefit” customers.

 

Additional coverage for Life Insurance Plans:  From 23 January until 30 April 2020 (the “Coverage Period”), the insured persons of Prudential’s in force life insurance plans who are unfortunately diagnosed with the “Novel Coronavirus” during the Coverage Period will be offered free additional Hospital Cash Benefit of HK$600 per day for up to 45 days with no waiting period. SC also understand that some customers may not be able to pay their renewal premiums in time due to special circumstances. As such, if the premium due date falls between 1 January to 1 March 2020 for selected Prudential’s life insurance products (including most medical and critical illness insurance plans), customers can apply for an extension of premium renewal grace period from 30 days to 90 days, allowing customers more flexibility and convenience for renewal premium payments.

 

Offering fee concessions or waivers: In order to support community efforts against the outbreak, BOCHK has introduced a number of fee concessions for its electronic services in order to facilitate customers’ use of electronic platforms such as Mobile, Internet and Phone Banking. In addition, during this critical time, if customers fail to repay their mortgages, personal loans and credit card on time due to special circumstances, they may apply for waivers of relevant penalties, interests and late payment fees.

Handling fee waiver offer and guarantee fee subsidy for SFGS to be extended to end of December 2020. At present, new applicants for loan products under the SME Financing Guarantee Scheme (SFGS), including the 90 per cent guarantee product, are enjoying a handling fee waiver and a subsidy of guarantee fee. This offer period will now be extended to end of December 2020.

Fee waiver for three months: From 1 March to 31 May 2020, we will waive the credit card late charge fees by way of refund to clients. The bank’s service charge for all local fund transfers through electronic channels will be waived by the same way to individual clients during this period. This is aimed to encourage our clients to use the digital channels more and reduce their need to visit a bank branch.

Fee waiver: Successfully apply for the Business Loan on or before 30 June 2020 through Hang Seng Business Online Application Platform to enjoy full handling fee waiver. Successful SFGS applicants can enjoy up to HKD100,000 Guarantee Fee Subsidy for the first year, and successful applications for 90% guarantee product under SFGS can enjoy full handling fee waiver. 

Hotline : (852) 3988 2128

Hotline : (852) 2748 8288

Mortgage hotline: 

(852)  2886 8863

Hotline : (852) 2198 8000 

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