Banks have started to accept applications to join the moratorium on loans; here is the practical guide for it
KUALA LUMPUR (July 7): Banks started receiving requests for six-month loan moratoriums today.
This is in line with the Pakej Perlindungan Rakyat dan Pemulihan Ekonomi (PEMULIH) recovery plan.
Applications can be made by individuals, microenterprises, as well as small and medium-sized enterprises (SMEs) affected by the pandemic.
Bank Negara Malaysia assured that approvals will be given automatically and that adherence to the moratorium will be easy without the need for supporting documents.
The central bank also assured that the approvals would be given automatically.
The banking regulator also noted in a July 6 statement that opting for repayment assistance would increase the overall cost of borrowing, as interest / profits will continue to accrue on deferred payments.
He added that the Central Credit Information System (CCRIS) records of borrowers will not be affected by any form of repayment assistance received in 2021.
Here are the banks that offer opt-ins and the practical guide:
RHB banking group
RHB Banking Group will offer clients the choice between a six-month deferral of maturities on credit / financing facilities and a 50% reduction of maturities for six months as part of the PEMULIH package.
The PEMULIH Repayment / Payment Assistance program applies to all individual borrowers, microenterprises, as well as SMEs that have been affected by the Covid-19 pandemic.
The banking group said in a statement that this applies to loan / financing facilities approved before July 1, 2021 and is not more than 90 days past due on the date of filing the application. No supporting documents are required in advance for processing applications, he added.
Customers who wish to apply only need to submit their application through the RHB electronic form available on the RHB company website, or respond to two-way SMS messages sent to them, he noted.
“To make it even easier for our private customers, we send them special two-way SMS messages inviting them to register for the PEMULIH Refund / Payment Assistance program. Customers only need to read the terms and conditions and then reply to the SMS message to apply. Emails will also be sent to our micro and SME clients with links to simple electronic forms to facilitate their application process, ”RHB Group Managing Director and CEO Datuk Khairussaleh Ramli said today in a statement. .
As of June 30, 2021, RHB had extended a total of approximately Ringgit 34.4 billion in various forms of payment assistance to individuals and SMEs, benefiting over 240,000 individuals and over 4,700 SMEs since the start of the Covid-19 pandemic.
OCBC Bank (Malaysia) Bhd
OCBC Bank (Malaysia) Bhd (OCBC Bank), in collaboration with its Islamic banking subsidiary OCBC Al-Amin Bank Bhd (OCBC Al-Amin), today began the moratorium registration exercise for its individual clients, microenterprises and SMEs as part of the PEMULIH package.
All private customers, VSEs and SMEs can now register online or in the bank’s branches either for a deferred payment of six months, or for a reduction of 50% of down payments over six months, the group said. bank in a press release today.
To enroll in the program, OCBC clients can apply online using the bank’s streamlined application process, he added.
OCBC CEO Datuk Ong Eng Bin said the bank is committed to supporting every customer who has been affected by the pandemic and MCO.
“We encourage those in need of the final respites to take full advantage of both repayment assistance options by registering through our simple and convenient online channels. We will respond as soon as possible. However, please be indulgent with us if it takes us a little longer to respond in the first few days as we anticipate that there could be a sudden increase in requests, ”he said.
In addition to the basic moratorium program, OCBC Bank also offers its credit card members to convert their outstanding balances into a three-year term loan / finance with reduced interest / profit rates so that they can better manage. their debt.
CIMB Holdings Bhd Group
CIMB announced that all affected individuals, microenterprises and SME customers of CIMB Bank Bhd and CIMB Islamic Bank Bhd can now opt for the six-month moratorium with approvals given automatically.
He said clients also benefit from alternative options such as a 50% reduction in payments for six months on credit facilities such as mortgages, ASB loans / finance and variable rate credit facilities. Customers can also opt for a three month moratorium on lease-purchase facilities while for credit cards customers can convert their outstanding balance into a three-year term loan / finance with interest rates / reduced earnings to help them better manage their debt.
Customers of the banking group can access a fully dematerialized electronic form, available on the banking group’s website. The web page also describes the payment assistance options available in a simplified way, with customers only having to choose their preferred option in order to activate the process. Opt-ins can be made by phone, email or at bank branches (subject to applicable operating conditions).
In early July of this year, CIMB provided financial payment assistance to approximately 223,000 retail and SME customers, amounting to more than RM 28 billion, with an approval rate of almost 100%.
The banking group noted that approvals are given automatically and that no documentation is required beforehand. However, hire-purchase customers are required to sign a variation agreement with their guarantor if applicable before payment assistance can be activated.
“CIMB understands and empathizes with our customers during this extremely difficult time. We would like to reassure our customers that CIMB is committed to providing them with assistance as we continue to face the protracted challenges of the pandemic. By making access to payment assistance easy and convenient for our clients, we hope to quickly help alleviate the financial burden on our clients and provide them with a break to focus on rebuilding their livelihoods and securing the good. -being of their families and loved ones. CIMB Group CEO Datuk Abdul Rahman Ahmad said today in a statement.
Affin Bank Bhd
Affin Bank said all personal or retail customers, microenterprises and SMEs will be eligible for financial relief under the loan moratorium, with the bank offering deferral of repayment installments of all credit facilities with the six-month bank (except credit cards).
Customers can request the moratorium through its online banking platform, by going to one of its bank branches or by calling its contact center.
“For this moratorium offer under the government’s PEMULIH program, customers can expect a quick and easy application process where they will not be required to provide supporting documents. The bank understands the importance of this moratorium on customers impacted by Covid-19 and we are speeding up the processing of requests and keeping our customers informed within a short period of five days for individuals and 14 days for SME customers ”, a said the chairman of Affin Bank. and Datuk Group CEO Wan Razly Abdullah Wan Ali in a statement today.
We will update this as more and more banks share information about their respective programs.
BNM: requests for moratorium on loans will open tomorrow