KUALA LUMPUR, Malaysia (July 7): Today, banks began accepting applications for the six-month lending moratorium. This is in line with the stimulus package Pakej Perlindungan Rakyat dan Pemulihan Ekonomi (PEMULIH).
Individuals, microenterprises, and small and medium enterprises (SMEs) affected by the pandemic can submit applications.
Bank Negara Malaysia has stated that approvals will be granted automatically, and that opting in for the moratorium will be simple with no accompanying documentation required.
Approvals will be granted automatically, according to the central bank.
In a statement issued on July 6, the banking regulator also stated that choosing repayment assistance will raise the overall cost of borrowing because interest/profit will continue to accrue on deferred payments.
It further stated that any sort of repayment assistance obtained in 2021 will have no impact on borrowers’ Central Credit Reference Information System (CCRIS) records.
The following banks are providing opt-ins and a how-to guide:
RHB Banking Group is a financial services company based in Hong Kong
Under the PEMULIH package, RHB Banking Group will offer clients the option of a six-month deferral of instalments on loan/financing facilities or a 50 percent decrease in instalments for six months.
Individual borrowers, microenterprises, and SMEs affected by the Covid-19 epidemic are eligible for the PEMULIH Repayment/Payment Assistance program.
This applies to loan/financing facilities issued before July 1, 2021 that are not more than 90 days past due at the time the application is submitted. The processing of applications does not necessitate the submission of any supporting papers up front.
Customers who want to apply can do so by filling out the RHB e-Form on RHB’s corporate website or responding to two-way SMS messages that have been sent to them.
“To make things even simpler for our individual consumers, we’re sending out two-way SMS messages urging them to apply for the PEMULIH Repayment/Payment Assistance program. To apply, customers must first read the terms and conditions and then respond to the SMS message. Our microenterprise and SME customers will also receive emails with links to easy e-forms to help them complete their applications “Datuk Khairussaleh Ramli, RHB group managing director and group CEO, said in a release today.
Since the beginning of the Covid-19 pandemic, RHB has provided roughly RM34.4 billion in various forms of payment assistance to retail and SME clients, benefiting over 240,000 individuals and 4,700 SME firms.
OCBC Bank (Malaysia) Bhd is a Malaysian bank.
OCBC Bank (Malaysia) Bhd (OCBC Bank) and its Islamic banking subsidiary OCBC Al-Amin Bank Bhd (OCBC Al-Amin) have started the PEMULIH moratorium sign-up process for their individual, microenterprise, and SME customers.
Individual, microenterprise, and SME customers can now sign up for a six-month postponement of instalments or a 50% decrease in instalments for six months online or in the bank’s branches.
Customers of OCBC can apply for the program online using the bank’s streamlined application process.
OCBC CEO Datuk Ong Eng Bin stated that the bank is dedicated to assisting all customers who have been impacted by the pandemic and MCO.
“Those who find themselves in need of the latest breathing room are encouraged to sign up for one of the two repayment help options using our simple and convenient online methods. We will contact you as soon as possible. Please bear with us if it takes us a little longer to react in the first few days because we anticipate a spike in requests “he stated
In addition to the basic moratorium, OCBC Bank is offering its credit card customers the option of converting their outstanding balances into a three-year term loan/financing with lower interest/profit rates, allowing them to better manage their debt.
We’ll keep this page updated as more banks offer information about their programs.
Read also:BNM: Loan moratorium applications open tomorrow/n
