StanChart offers loan extensions

Friday, February 14, 2020

Standard Chartered has announced more support for local businesses.

The bank will provide a 30-day extension to eligible commercial, and business banking clients for their trade finance loans that mature between  February 24 and March 31, 2020 amid the outbreak of the novel coronavirus and the economic downturn.

No application is neded the bank says. And there will be no additional fee or penalty interest. Clients may still choose to repay their loans at the original maturity date.

Besides, mortgage loan clients including those under the mortgage insurance plan can apply for six-months extension to pay for interest only and also another six-months deferral.