KUALA LUMPUR, March 30 — Citi Malaysia says it is engaging with customers to assess the severity of impact from the Covid-19 pandemic and offering financial relief measures to specific customer circumstances in line with the recent Bank Negara Malaysia moratorium announcement.
In a statement today, Citi Malaysia said individual and commercial banking small and medium enterprise customers would have an automatic moratorium on loan/financing repayments and payments excluding credit card balances for six months from April 1, 2020.
The bank said it will not compound interest for mortgage and personal loans, while for Islamic home financing, profit accrued on the outstanding principal amount will not be compounded in line with Shariah principles.
It said the automatic moratorium is applicable to loans or financing that are not in arrears for more than 90 days as at April 1, 2020 and denominated in ringgit.
“Customers should approach Citi Malaysia to discuss their repayment affordability after the moratorium period and can also opt out of the moratorium should they wish to and continue with their current repayment or payment terms,” it said.
Meanwhile, credit card customers with outstanding card balances can apply to convert their balances into a three-year term loan at an effective interest rate of up to 13 per cent annually from tomorrow to Dec 31, 2020, while those who are unable to meet the minimum monthly repayments for the last three months will have their credit card balances automatically converted into term loans.
The bank said for other corporates affected by Covid-19, Citi Malaysia would review any moratorium request on a case-by-case basis.
Citi Malaysia chief executive officer Lee Lung Nien said this constitutes the bank’s first wave of relief and it is actively assessing the situation and listening to customers.
“Our commitment to all our stakeholders and to the country is one of support and delivery of our best capabilities especially in these difficult times.
“We are here to help bridge financial needs in this extremely challenging environment and provide our customers with the right financial solutions in line with our mission of enabling growth and progress,” he said. — Bernama
