5 MIN READ6 months of financial assistance for those affected by Covid-19

As of March 26 2020, Bank Negara Malaysia has announced an automatic moratorium for all individual and SME loans for a period of six months, starting from 1 April 2020.

According to Bank Negara Malaysia, this move is designed to ease the cash flow of individuals and SMEs that are most likely to be affected by the ongoing pandemic.

Several non-banking institutions such as MARA and PTPTN have come forward to offer payment deferments.


Banking Institutions

  • Up to 6 months or restructuring/ rescheduling of instalment repayments
  • Customers may submit applications for the bank’s available financial assistance.
  • For more information, visit www.maybank2u.com.my

  • Restructuring/rescheduling of instalment repayments
  • Up to six months
  • Customers may submit applications for the bank’s available financial assistance.
  • SME customers can also tap into the special relief facility for SMEs by Bank Negara Malaysia.
  • For more information, call the bank at 03-62047788 or reach out to your nearest CIMB branch officers.

Conventional Loans: You will pay more interest by deferring. Simple interest will continue to be charged on the outstanding balance without compounding during the moratorium period.

Islamic Financing: You will not pay more profit charges by deferring. Profit will continue to accrue on the outstanding amount, but will not be compounded.


  • Up to six months or restructuring/rescheduling of instalment repayments
  • Customers in need of financial assistance will need to submit their requests to the bank to initiate the application process:

SME – customer.service@rhbgroup.com / Individuals – customer.advocacy@rhbgroup.com

  • With regard to the automatic moratorium, RHB has announced that it will not be compounding interest during the period.
  • For more information, call the bank at 03-9206 8118 or visit the nearest branch.

 

  • Up to six months or restructuring/rescheduling of instalment repayments.
  • The bank has set up a “Priority Lane” process to facilitate customers applying for financial relief plan.
  • SME customers can also tap into the special relief facility for SMEs by Bank Negara Malaysia.
  • With regard to the automatic moratorium, Hong Leong Bank has announced that it will not be compounding the interest charged for its loans during the period.

  • Temporary deferment of loan repayments or restructuring of instalment repayments
  • Customers may submit applications for the bank’s available financial assistance.
  • SME customers can also tap into the special relief facility for SMEs by Bank Negara Malaysia.
  • With regard to the automatic moratorium, AmBank has announced that it will not be compounding the interest charged for its loans during the period.

  • For conventional and Islamic banking corporate clients:
    1. Up to one year
    2. Flexibility to request an extension of trade bills maturing between 18 March to 31 March 2020
    3. Review to grant additional facilities based on clients’ financing needs for those who need access to additional financing
  • For individual customers:
    1. Rescheduling and restructuring of mortgages, personal loans, and credit card repayments
    2. Moratorium up to six months on personal loans, mortgages, and credit cards
    3. Interest-only repayments or payment holiday of up to six months on credit card repayments
  • Customers may submit applications for the bank’s available financial assistance.
  • With regard to the automatic moratorium, UOB has announced that it will not be compounding interest during the period.
  • You can also check out the bank’s FAQ.

  • Temporary deferment of loan repayments or restructuring of instalment repayments
  • Customers may submit applications for the bank’s available financial assistance.
  • With regard to the automatic moratorium, Bank Rakyat has announced that it will not be compounding profit.

  • Relevant financial assistance to be provided to business and individual customers on a case-to-case basis; affected customers are requested to engage with officers-in-charge.
  • Customers in need of financial assistance will need to contact and set an appointment with OCBC to initiate the application process.
  • SME customers can also apply for Bank Negara Malaysia’s special relief facility through OCBC.
  • With regard to the automatic moratorium, OCBC has stated that it will not be compounding the interest for its loans during the period.

  • Rescheduling and restructuring of instalment repayments
  • Up to six months for loans, mortgages, credit cards, as well as retail business banking and commercial banking
  • Repayment flexibility with an extension of trade loans/financing payment period for 30 days for commercial banking and global banking customers
  • A pre-approved 30-day extension of trade loans/financing maturing between 18 and 31 March 2020 without additional fee or penalty rate
  • Customers in need of financial assistance will need to contact HSBC to initiate the application process, as well as for a case-by-case assessment:
  • With regard to the automatic moratorium, HSBC has announced that it will not be compounding the interest charged for its loans during the period.

Non-Banking Institutions

  • Application for deferment of loan repayments for students and entrepreneurs available:
    1. 3-month deferment for MARA students, including borrowers of the Advanced Education Loan facility. This is provided they do not have outstanding debts for three months.
    2. 6-month deferment for entrepreneurs, provided they do not have outstanding debts for more than two months.
  • 30% discount on the lease of MARA business premises given to all entrepreneurs, although this is subject to terms and conditions.

  • Deadline for income tax filing is extended by two months to facilitate the submission of tax returns affected by the movement control order.
  • New deadlines:
    1. Resident individuals who do not carry on a business – 30 June 2020
    2. Resident individuals who carry on a business – 30 August 2020

  • Deferment of loan repayments until 30 September 2020
  • For more information, call PTPTN’s Careline at 03-2193 3000 or visit www.ptptn.gov.my

  • Possible deferment of loan repayments in AKPK’s debt management programme (DMP)
  • You will need to apply by filling in a form and selecting “Kesukaran membuat pembayaran bulanan/Difficulty to commit to DMP monthly instalment” for Question 6.
  • The APKP officers will be in touch, either through phone calls or emails.


Remember, it is times like these where need we keep our heads above the water for the sake of ourselves, our loved ones and our community. Keep calm and carry on the Malaysian spirit as high as you can! #StayHopefulWithIQI

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