Repricing On Retail Loans For Overdue Accounts
Dear Valued Customers,
With effect from 06th September 2019 if there is any overdue instalment/interest payment on your facility, the Default Interest rate on the total balance outstanding of the facility will be revised as follow:
| No. | Condition | Revised Interest Rate |
|---|---|---|
| 1 | Thirty (30) days and above in arrears for consecutively 6 months | ^Prescribed Rate + 1.00%* |
| 2 | Sixty (60) days and above in arrears for consecutively 3 months | ^Prescribed Rate + 2.00%* |
| 3 | Ninety (90) days and above in arrears | ^Prescribed Rate + 3.00%** |
* For 30 days and 60 days payment in arrears, the interest rate will be reverted to the Prescribed Rate within two (2) months from the date the account is regularized;
** For 90 days payment in arrears, the interest rate will be reverted to the Prescribed Rate after nine (9) months from the date the account is regularized, subject to the Bank’s approval.
^ Prescribed Rate = Contracted interest rate as stipulated in the Letter of Offer.
Thank you.
