AMID the COVID-19 ravaged economy, Malaysian banks remain committed in assisting their customers by being mindful that the latter might require time to get back on their feet financially as the economy gradually recovers.
As such, the banking industry has urged customers who do not satisfy the criteria for the Financial Management and Resilience Programme (URUS) to contact their respective banks to discuss other loan/financing facility repayment options that would suit their individual financial circumstances.
This follows an announcement by the Association of Banks in Malaysia (ABM), Association of Islamic Banking and Financial Institutions Malaysia (AIBIM), Association of Development Finance Institutions of Malaysia (ADFIM) and Agensi Kaunseling dan Pengurusan Kredit (AKPK) that the URUS application for eligible B50 individual customers are now open and will remain open until Jan 31, 2022.
URUS is available to individual customers who are under an existing repayment assistance programme provided by the banks as of Sept 30 and meet all of the following criteria:
- B50 customers with gross monthly household income of RM5,880 or lower;
- Who are experiencing (i) loss of employment or (ii) income reduction of at least 50%; and
- Whose loan/financing facility is still performing (not in arrears exceeding 90 days) as at the date of URUS application.
“Under URUS, AKPK will provide the customer with a personalised financial plan that is developed holistically, taking into account the customer’s financial circumstances and ability to afford repayment of all financing obligations,” the financial institutions and AKPK pointed out in a joint statement.
“Eligible B50 customers who wish to apply for URUS may do so directly with their banks.”
For further assistance, customers can contact their banks via the internet banking or telephone banking channels or walk-in at branches.
Customers who have loan/financing facilities from multiple banks only need to apply to any one of their banks where they currently have performing facilities under an existing repayment assistance programme.
URUS application forms and details of the URUS process – including frequently asked questions (FAQs) – are available on the banks’ websites and at their branches. More details on URUS are also available on the banking associations’ and AKPK’s websites.
“On matters relating to repayment assistance, bank customers are reminded not to engage with any third parties claiming to be agents/representatives of the banks,” cautioned ABM, AIBIM, ADFIM and AKPK
“Banks and AKPK do not appoint or authorise any third parties or agents to act on their behalf for this purpose.” – Nov 15, 2021
