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a girl and a teddy bear are wearing masks together; image used for HSBC Coronavirus relief measures page

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Covid-19 relief measures to support customers and the community

With the resurgence of COVID 19 in the country, the financial well-being of our customers and the wellbeing of our communities that we serve is our priority. That's why we're offering relief measures to support you in your time of need.

COVID-19 relief measures for customers with Personal loans and overdrafts

The financial well-being of our customers is our priority, that's why we're offering relief measures to support you during this difficult time. We are here to help and below are the measures available for our customers:

Hardship and forbearance support for customers

Personal Loans
  • A debt moratorium up to three months starting from 01 September 2021 during the period up to 31 December 2021 will be offered to all eligible borrowers’ /loan customers who make a written or electronic request to the Bank along with relevant supporting documentation.
How does a Loan Moratorium Work?
  • As part of the moratorium relief effort the Bank shall defer recovery of capital, interest or both for existing loan facilities of borrowers who are effected by Covid-19, on a case by case basis considering the financial difficulties faced by the eligible borrowers.
  • The Bank shall amalgamate the amounts fallen due during the previous moratorium schemes ( i.e., capital, interest and applicable interest for the respective moratorium period on the respective moratorium amount ) and the amounts falling due during the current scheme ( i.e., capital and interest ) into one new loan which will be based on a separate loan amortization schedule depending on the repayment period preferred by the borrower.
  • The Bank may charge an interest rate of not exceeding the latest available 364 days Treasury Bills auction rate as at 31 August 2021 plus 1 per cent per annum (i.e., 5.93% + 1% = 6.93% p.a ) on the new loan referred above commencing from 01 September 2021.
  • The Bank and the respective borrower will need to agree on a repayment period commencing from 01 July 2022 up to 6 months to settle the new loan referred above. The borrower may commence the repayment of the new loan at an earlier date, if the borrower wishes to do so. In the case where the borrower request for a period beyond 6 months to settle the new loan the interest rate applicable beyond the 6 month period will be at the discretion of the Bank.
  • The borrower shall commence repayment of existing facilities from 01 January 2022.
  • Bank will waive off penal interest and will not be accrued during the moratorium period.
Overdrafts
  • A debt moratorium will be offered to all eligible overdraft customers who make a written or electronic request to the bank along with relevant supporting documentation.
How does an Overdraft Moratorium Work?
  • An overdraft moratorium will be granted for the interest up to 31 December 2021, where the accrued interest during the moratorium period will be added back to the overdrawn value at the end of moratorium.
Eligibility criteria for a Loan and overdraft Moratorium

Borrowers who are affected by Covid-19, on a case by case basis will be considered eligible for the relief programme subject to validation.

 

Below are some incidents that will be considered based on validation

 

Customers who are affected due to:

a. Loss of job

b. Loss or reduction of income / Salaries / Sales

c. Reduction or impairment business operations

d. Closure of business

How to Apply

If you wish to obtain this relief measure, please complete the letter of undertaking and send a request via written and/or electronic medium along with the below supporting documentation

- Recent salary slips (within last 2 months) as proof of salary reduction.

OR

Letter from employer in terms of a pay reduction or termination.

If you are self -employed and wish to apply for a moratorium, please provide us 4 months' bank statements covering the period January & February 2020 along with two latest statements and the letter of undertaking.

The completed documents can be sent via email to covid19relief@hsbc.com.lk on or before 21 September 2021. In order for the request to be eligible, customers must place their signature on the letter of undertaking and submit with all relevant documents.

Undertaking letter for loan moratorium

Click FAQ to learn more about Loan Moratorium

Undertaking letter for overdraft moratorium

Easy access and convenience for personal banking customers for their everyday banking needs

  • Free registration for HSBC Online Banking and Mobile Banking
  • Access to a range of digital banking services via HSBC Online Banking and Mobile Banking
  • Access to over 4,000 Lanka Clear and VISA Plus ATMs for all Premier and Advance customers free of charge

Learn more about how to bank safely from home with Online and Mobile banking

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