Kuala Lumpur, Malaysia – As the country gears towards new restrictions on their latest movement control order (MCO) 3.0 which started 1 June onwards, Malaysia’s CIMB has announced that it will be expanding its financial assistance to individuals and microenterprises.
Said financial assistance is in line with Malaysia’s ‘Pemerkasa Plus’ aid package announced by the national government.
Those who are eligible for the financial assistance include customers who experienced loss of employment and those recipients of either of its pre-existing services the Bantuan Sara Hidup (BSH) or Bantuan Prihatin Rakyat (BPR). Part of assistance are also microenterprises with borrowings of up to RM150k, and SMEs whose operations have been halted due to the current MCO.
Currently, there are two options: a moratorium for three months; or a reduction of monthly installments by 50% for six months.
The affected borrowers are only required to select one preferred option with the approval to be automatically provided, but still subject to meeting the criteria mentioned.
Alongside this, individual customers who have experienced any decline in income are also able to benefit from reduced monthly instalment payments, while all other affected borrowers can also reach out to the bank to consider restructuring and rescheduling financing solutions.
“CIMB would like to reassure our customers that we remain committed to provide support during this challenging period. The expanded financial relief assistance offered to our affected customers is to help them stay resilient given the prolonged challenges. We have ensured a convenient and simple process for our customers to choose a payment relief programme, suited to them,” said Dato’ Abdul Rahman Ahmad, group chief executive officer at CIMB Group.
To date, CIMB has processed around 165,000 financial relief applications for individual and business borrowers in Malaysia, amounting to more than RM22 billion, with an approval rate of virtually 100%.