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The non-major has lowered commercial lending variable rates by 35 bps for existing customers only.
ING has announced that it has decreased its variable interest rates on all existing priority commercial mortgage products by 35 basis points, effective 9 April 2020.
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The bank noted that the changes are applicable only to existing commercial mortgage customers, and variable rates for new loan products will remain unchanged.
The move comes as banks are called to work with their loan customers who are facing financial hardship amid the COVID-19 pandemic and subsequent economic downturn.
As such, ING has stated that small-business customers currently holding less than $3 million in commercial lending with ING and require financial relief can request to have their loan repayments deferred for up to six months, with interest capitalised.
Customers will reportedly not be required to make any repayments during a repayment deferral period; however, interest and fees will continue to accrue on their loan, according to ING.
“This means at the end of the deferral period, their loan balance will be higher and their minimum repayments will increase so that the commercial loan can still be paid within the loan term,” the bank stated.
[Related: PM demands banks to ‘come to the party’ on rental relief]
