AS we face the Covid-19 pandemic as a nation, the AmBank Group is committed to ensure it does its best to alleviate the financial load of its customers.
In line with Bank Negara Malaysia’s (BNM) directive, AmBank and AmBank Islamic are offering automatic payment deferment for loans and financing for all individuals and small medium enterprise (SME) customers for six months from April 1.
Customers who wish to opt out from the automatic payment deferment may simply continue with their regular monthly instalment payments, the banking group said in a statement.
“Keeping in mind the interest of our customers, many of whom are facing uncertainties due to this pandemic, AmBank and AmBank Islamic will not be compounding the interest or profit on loans and financing during this period,” it said.
The group is also offering an option to customers with credit card facilities to convert their outstanding balances into a term loan/financing for a tenure of 36 months at 13% per annum.
Datuk Sulaiman Mohd Tahir, group CEO of AmBank Group, said: “We welcome BNM’s recent move to provide flexibilities for banking institutions like AmBank to respond speedily to customer needs in times like this. It is our responsibility as a trusted homegrown financial institution to come to the aid of our customers in their time of need. Forgoing compounding interest on top of the six-month payment deferment initiative and the credit card balance conversion programme is our way of giving back.
“These initiatives also complement AmBank Group’s ongoing measures to provide relief to customers who are impacted by the circumstances surrounding the Covid-19 pandemic. This includes our Special Relief Facility comprising collateral-free financing of up to RM1 mil at 3.75% per annum to SMEs with approval provided within 24 hours and disbursement within five days of approval.” — March 27, 2020, Bernama
