OCBC: Interest for loans won’t be compounded during 6-month grace period

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OCBC: Interest for loans won’t be compounded during 6-month grace period

PETALING JAYA: OCBC Bank (Malaysia) announced that it will not be compounding interest and profits for its mortgages and SME loans/financing during the 6-month moratorium period.

The move also applies to its subsidiary OCBC Al-Amin Bank.

“This means that these customers will not be charged any interest on the interest that arises from the moratorium period,” OCBC said in a statement.

OCBC Bank CEO Datuk Ong Eng Bin (pix) said it aims to alleviate its customers’ burden during this tough period.

“Although compounding might be allowed for, we have elected not to do so in light of the pressing circumstances. We hope our customers will continue to exercise prudence in their spending during these challenging times,” he noted.

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