BANKS will continue to extend repayment assistance, including extending the moratorium programme where applicable, to individuals who are affected by the current movement control order (MCO).
“The banks have also announced an extension of the repayment assistance for victims of the recent floods in several states,” the Association of Banks in Malaysia (ABM) and Association of Islamic Banking and Financial Institutions Malaysia (AIBIM) said, in a joint statement.
Offering details, both banking groups said the offer will apply to all Targetted Repayment Assistance schemes announced previously.
This is particularly for borrowers and customers who lost their jobs last year and this year, and they can apply for payment relief for a period of three months any time on or before June 30 June.
Plus, individuals who are still employed but have suffered an income reduction may apply to lower their instalment amount, in line with their salary drop.
“For those who suffered pay cut, specifically the M40 group who are recipients of the Bantuan Prihatin Nasional, banks have agreed to allow for self-declarations.
“Individuals in the B40 category, registered under the Bantuan Sara Hidup or Bantuan Prihatin Rakyat database, may request for either a three-month deferment of instalment, or to reduce their instalments by 50% for six months,” it said.
For businesses, ABM and AIBIM said that micro-enterprises with loans and financing, where the original facility amount is up to RM150,000, may request for either a three-month deferment of instalment, or to reduce their instalments by 50% for six months.
They added that the repayment assistance for B40, M40 and microenterprises are applicable for loans and financing approved before Oct 1, with arrears not more than 90 days from the date of the repayment assistance is submitted to the bank.
“All other borrowers and customers facing difficulties in making loan repayments are also welcome to contact their banks to discuss suitable repayment assistance packages that meet their specific circumstances,” it added.
On that note, ABM and AIBIM said that as of Dec 31 last year, over 1.3 million applications for repayment assistance were received, with an approval rate of 95%.
It added that the acceptance of the targeted repayment assistance during this period will not appear in the borrowers’ and customers’ Central Credit Reference Information System (CCRIS) report.
For safety purposes, borrowers are advised to carry out their banking transactions via digital channels, where possible.
For details, please visit https://www.abm.org.my/eabmconnect or AIBIM via email to [email protected]. – Jan 18, 2021.
