BOC’s 5 measures to fight the epidemic

With the continued development of new coronavirus pneumonia, in addition to SMEs and even individual customers, there are opportunities to be affected

BOC Hong Kong (2388) yesterday took the lead in launching five financial services to fight the epidemic, including mortgage-based interest payments for up to 1 year, eligible SME customers can borrow up to 2 million yuan without mortgage.

The HKMA welcomes the measures and said that the proactive response of the banking industry will help reduce the economic impact of the outbreak and encourage other authorized institutions to consider similar actions

BOC Hong Kong stated that in order to alleviate the pressure from the epidemic, mortgage customers who have made contributions in the bank for one year or more and have a normal repayment record in the past year can apply for interest on the mortgage loan of the property for six months and expire. Later, you can apply for an extension for another 6 months, that is, up to 12 months. Following Macau’s earlier allowance for mortgage customers to provide interest for a maximum of half a year, in Hong Kong for the time being only BOC Hong Kong has introduced a deferred arrangement for this principal, which has been extended to a grace period of up to one year.

The bank also launched a special loan program for SMEs to fight the epidemic, providing green approval channels for eligible customers, arranging express loan approvals, and completing approvals as soon as possible without providing any collateral, and withdrawing funds within 3 days.

The loan handling fee can be borrowed up to 2 million yuan and the repayment period can be up to 60 months

The bank’s other three major measures include providing financial support to industrial and commercial enterprises that produce and operate anti-epidemic equipment and articles such as health and epidemic prevention, pharmaceutical products. If customers fail to repay mortgages, personal loans and credit card loans on time due to special circumstances, Can apply for exemption of related penalty interest, interest and late payment handling fee. BOC Life also has arrangements to extend the grace period of premiums due and provide additional protection for new types of coronavirus for personal insurance policies.


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