THE re-imposition of the movement control order (MCO) has not been easy for most Malaysians, be it individuals or businesses. Those celebrating this festive season had to curb their activities in order to adhere to the enforced standard operating procedures (SOPs) and some businesses had to experience closure yet again.
In light of the situation, Bank Islam Malaysia has decided to continue its Enhanced Targeted Repayment Assistance (ETRA) initiative for those who are impacted by the pandemic and the regulations that follow.
Under ETRA, affected customers will be given an additional three months extension to defer their financing or even a six months extension on a reduced installment payment schedule, with a more simplified documentation requirement.
Apart from that, Bank Islam also has other forms of long-term assistance such as the Rescheduling and Restructuring (R&R) package, which is applicable to most of the bank’s customers.
“The alarming spike of COVID-19 cases around the country has forced the Government to implement MCO 3.0. While we understand the importance of curbing the infection of the virus, we are also greatly aware of its implications on our customers’ financial health,” said Bank Islam CEO Mohd Muazzam Mohamed.
Bank Islam ETRA was announced on Nov 23, 2020 to assist customers seeking for three-months deferment or reduction of up to 50% monthly installment for six months.
This financial assistance was offered to all financing approved before Oct 1, 2020, which are not in arrears for more than 90 days at the time of application. Previously, Bank Islam announced that the application for ETRA is to close at the end of June 2021. – May 16, 2021
