CIMB, Bank Rakyat loan moratorium application opens today

 

CIMB Bank Bhd and CIMB Islamic Bank Bhd’s individual, microenterprise, and affected small and medium enterprise (SME) customers can now opt-in for a six-month loan moratorium, with approvals to be given automatically to help with cash flow during the pandemic.

In a statement today, the CIMB Group said customers are also given alternative options to choose from, such as a 50 percent reduction in instalments for six months on credit facilities such as mortgages, ASB loans/ financing, and variable rate credit facilities.

“Customers can also opt for a three-month moratorium for hire purchase facilities.

“As for credit cards, customers can convert their outstanding balance into a three-year term loan/ financing with reduced interest/profit rates to help them better manage their debt,” it said.

To ensure that customers are able to access the payment assistance programme easily and conveniently, CIMB said it put in place a simplified and fully digital form which is available on CIMB’s dedicated Covid-19 support page, https://www.cimb.com.my/covid19support.

“Customers may also opt-in via e-mail or phone. They may also visit bank branches to opt-in for the payment assistance programme or discuss other financial assistance,” it said.

Meanwhile, Bank Rakyat is also offering a six-month loan moratorium to its customers beginning today, in line with the National Well-Being and Economic Recovery Package (Pemulih) announced by Prime Minister Muhyiddin Yassin on June 28.

CEO Syed Abdul Aziz Syed Hassan said the offer is open to all of the bank’s individual, microenterprise, and affected SME customers without the need for any documents, with automatic approval.

“Apart from that, their credit information record (CCRIS) will also not be affected if they opt for the moratorium,” he added.

However, Bank Rakyat’s automatic moratorium is offered only to loans approved before July 1 and not overdue for more than 90 days prior to the date of the moratorium application to the bank.

Individual customers and microenterprises can apply electronically for this loan moratorium through https://cv19-support.bankrakyat.com.my/, while SMEs can contact the bank’s SME & Cooperatives Business Centre (SMEC).

- Bernama