HSBC Singapore floats relief measures for mortgage, credit card customers

The bank has halved the revolving interest rate for up to six months.

HSBC Singapore has launched a series of support measures for its mortgage and credit card customers amidst the financial disruption caused by the COVID-19 outbreak, the bank announced in a press release.

Property loan customers in Singapore can choose to defer repayment of their outstanding loan for six or twelve months. They are eligible for the scheme provided that they meet the criteria, which include having a good repayment history.

Under the same scheme, customers will make their interest repayments during the agreed period.

For its credit card customers, the bank has reduced its revolving interest rate by half for up to six months. To benefit from the scheme customers would also need to meet the eligibility criteria, which also includes a good repayment history.

Upon expiry of the six-month period, any outstanding balance will be reverted back to the prevailing rate, HSBC added.

“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,” said Anurag Mathur, Head of Retail Banking and Wealth Management, HSBC Bank (Singapore).