Banks offer 6-month moratorium on loan repayments

CORONAVIRUS | Malaysian banks are offering financial relief to their customers who are affected by the Covid-19 outbreak.

Maybank said it has introduced a moratorium of up to six months for its customers and this could also include restructuring and rescheduling of financing facilities.

Other banking and financial institutions which have reportedly offered a moratorium on loan repayments include Bank Rakyat, SME Bank, Tekun, Bank Simpanan Nasional, Public Bank and Public Islamic Bank, RHB Bank and RHB Islamic Bank, Agrobank, Hong Leong Bank and Hong Leong Islamic Bank, Bank Islam and Bank Muamalat.

Bernama reported MBSB Bank president and chief executive officer Ahmad Zaini as saying that the bank is also offering financial relief to its retail, corporate and small and medium enterprise (SME) clients affected by Covid-19.

Affected retail customers will be offered a six-month moratorium on installment payment for financing and they may also opt to restructure or reschedule their financing.

Corporate and SME clients, who are directly or indirectly affected by the pandemic, especially those in industries such as hospitality and tourism, may apply for financing restructuring and rescheduling.

Meanwhile, both Affin Bank and Affin Islamic Bank will also be offering financial relief assistance for their customers.

“We are committed to continuing our support for our valued customers as the preferred banking partner by relieving them from further distress during these trying times,” said Affin Bank group chief executive officer Kamarul Ariffin Mohd Jamil.

For its retail customers, the bank will provide a moratorium of up to six months, restructuring and rescheduling of financing facilities for customers who subscribe to mortgage, hire purchase, credit cards, education financing, Amanah Saham Nasional financing and personal financing.

For corporate banking customers, the bank will provide temporary relief to affected eligible customers as stipulated in Bank Negara Malaysia’s Credit Risk Guideline and the request will be subjected to internal approvals and credit due diligence.

The relief may involve rescheduling and restructuring exercise such as granting of a moratorium on the loan/financing and repayments up to six months, subject to terms and conditions. - Mkini