IN its quest to continue providing financial relief to individual and small and medium enterprise (SME) customers who are affected by the COVID-19 pandemic, Maybank has extended the application period for its loan/financing repayment assistance until June 30 next year.
Customers who require financial assistance are encouraged to contact the bank to work out the most suitable repayment assistance package to address their current circumstances.
“With the pandemic prolonging, Maybank’s priority is to ensure that customers have continuous access to the assistance that they require to get them through this difficult period,” Maybank pointed out in a media release.
To-date, the bank has processed over 90,000 repayment assistance applications received from customers and have approved all eligible applications processed.
Of these approved applications, close to 45% have been granted a further deferment in the repayment of their loans and financing.
“To complement its existing repayment assistance packages, Maybank is also offering targeted repayment assistance (TRA) to eligible B40 individual and micro enterprise customers starting today (Nov 23) till June 30 next year,” noted the bank.
As outlined by the Finance Minister during the tabling of Budget 2021 and Bank Negara Malaysia’s announcement on Nov 6, the eligibility criteria of the TRA are as follows:
- B40 individuals who are recipients of Bantuan Sara Hidup (BSH) or Bantuan Prihatin Rakyat (BPR)
- Micro enterprises with approved loan or financing amount of up to RM150,000 per facility and meets either one of the criteria of having a sales turnover of less than RM300,000 per annum or having less than five full-time employees
To be eligible for TRA, customers’ loans or financing must also be approved before Oct 1 and not in arrears for more than 90 days at the point of application, according to Maybank.
“Customers who apply for the TRA can opt for a three-month deferment of instalments or a 50% reduction in instalment for six months for their loans or financing,” the bank explained.
“In addition, other comprehensive packages are also being offered by the bank. All successful applications for TRA will take effect from Dec 1 to June 30 next year.”
For more information, visit www.maybank2u.com.my/covid19 or contact the Maybank Group Customer Care Hotline at 1-300-88-6688 (press *1 for “Repayment Assistance”). – Nov 23, 2020
