PETALING JAYA: Although the economy in Malaysia has reopened completely, Malayan Banking Bhd (Maybank) will continue offering support to customers who are still recovering from the effects of the pandemic.
The Maybank Repayment Assistance programme is available to individual, small and medium enterprise (SME) and non-retail customers, and applications can be made now.
As at Dec 31, 2021, Maybank had close to RM80 billion of loans and financing under various relief programmes such as Pemerkasa Plus, Pemulih and Financial Management and Resilience Programme (Urus). This portion of relief programmes has reduced as at February 2022 as customers’ cash flow pressures lessen and livelihoods stabilise with the economy reopening.
The Maybank Repayment Assistance is available to all individual customers who have experienced loss of employment or at least a 50% reduction in income, and SME and non-retail customers who have experienced a decrease in revenue, as well as meet the following criteria:
> Not under an existing repayment assistance programme as at the date of application;
> Whose loan/financing is still performing (not in arrears for more than 90 days) as at the date of application; and
> Whose loan/financing was disbursed on or before Sept 30, 2021.
Individual customers who have experienced loss of employment and meet all other eligibility criteria may opt for six months deferment of payments, followed by a reduction of 50% instalment for nine months for their loans/financing, whereas those who have experienced a 50% reduction in income and meet all other eligibility criteria can request for 50% reduction of instalments for six months for their loans/financing. Similar options are also available for SME customers.
Those with hire purchase loans/financing and meet all other eligibility criteria can choose to opt for either one of two Maybank Repayment Assistance options:
> 50% reduction of instalments for six months, for customers who experienced 50% reduction in income; or
> Six months deferment of payments and extension of loan/financing tenure, for customers who experienced loss of employment.
Additionally, customers who experienced a 50% reduction in income and have outstanding balance on their Credit Card/Credit Card-i can also choose to convert it into an instalment programme of 36 months.
The Maybank Repayment Assistance programme will complement the existing Urus programme made available to B50 individual customers until March 31, 2022. Those who have been affected by severe floods and receiving Flood Relief Assistance may also apply for Urus, until July 31, 2022 or upon expiry of their Flood Relief Assistance programme, whichever comes first.
Meanwhile, Maybank is still offering its Flood Relief Assistance for customers affected by severe floods. Customers have the flexibility to opt for deferment of their monthly payments, reduction of their monthly instalments or extension of tenure for their loans/financing, on top of other fee waivers.
