Covid-19: Banks doing their part by offering relief assistance programs for loan repayments

A pedestrian walks past a Maybank Bhd bank branch in Jalan Medan Tunku, Kuala Lumpur January 4, 2018. — Picture by Firdaus Latif
A pedestrian walks past a Maybank Bhd bank branch in Jalan Medan Tunku, Kuala Lumpur January 4, 2018. — Picture by Firdaus Latif

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KUALA LUMPUR, March 19 — Several banks in the country have decided to provide leeway for customers to repay their bank loans as the Covid-19 outbreak takes a toll on Malaysians financially.

Maybank, CIMB Bank and Public Bank are giving the most affected customers immediate moratorium of up to six months for their monthly loan and financing installments.

Maybank posted on its website that anyone with hire purchase, personal, mortgage, ASB (Amanah Saham Berhad), education or small-medium enterprise loan or financing can apply for a financial relief scheme which includes restructuring and rescheduling of financing facilities if required.

Public Bank is also offering the same terms, in addition to accommodating requests by affected customers to restructure or reschedule their loans and financing, as well as assist in their cash-flow situation during this difficult time.

Public Bank Managing Director, Tan Sri Dato’ Sri Tay Ah Lek said in a statement: “As the outbreak escalates, Public Bank will continue to be very active in providing financial relief measures to help all its customers to alleviate their financial difficulties.”

CIMB Bank is also offering personal refinancing facilities.

“As a responsible corporate citizen, we hope to be able to do our part by providing financing relief to help alleviate the financial burden of affected customers from the Covid-19 outbreak.

“We are monitoring the situation closely and will consider adjusting the moratorium and financial relief for an extended period,” CIMB Group chairman Datuk Mohd Nasir Ahmad was quoted as saying in The Star.

Besides that, CIMB is offering SMEs up to RM1 million in financing for a tenure of up to five and a half years, which includes the six-month loan repayment moratorium, at an affordable financing rate of 3.75 per cent per annum.

Public Bank is working concertedly with Bank Negara Malaysia in offering the special relief facility to SME customers. The bank has enhanced its internal processes to facilitate faster loan approval and disbursement to assist eligible SME customers to overcome their financial constraints amid this difficult situation.

SMEs which intend to apply for the Special Relief Facility are advised to approach any Public Bank branches, or email to [email protected]my, for financial advice and assistance.

Since Prime Minister Tan Sri Muhyiddin Yassin called for a movement control order to begin on Wednesday 18 March, many have either been put on no period leave while those relying on th gig-economy are struggling to make ends meet.

The movement control order is from 18th to 31st March.


 

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