Maybank continues reimbursement assistance for customers affected by MCO
In a statement on Tuesday, Maybank said these were repayment assistance (RA) programs available since last year, including a postponement of loan repayments (moratorium) or reduced monthly payments.
Maybank Group Chairman and CEO Datuk Abdul Farid Alias said the bank understands that customers affected by the pandemic and current movement restrictions will have difficulty meeting their repayment obligations.
He assured that affected customers will continue to have access to the assistance they need, to ease their burden and help them through this difficult time.
Farid said that in March 2021, around 4.7% of the workforce was unemployed. There are also many people whose incomes have been reduced because their wages or working hours have been reduced.
“In addition, many businesses, especially SMEs, are struggling with some unable to operate due to OLS,” he said.
“While MCO is necessary, we sympathize with everyone affected and have therefore made available various AR options to help all of them overcome their challenges. “
Maybank’s repayment assistance formulas are as follows:
1. Postponement of the loan (moratorium) for a period of three months or reduction of 50% of the monthly payment for six months. This is available for:
• All individual B40 clients who are registered under the Bantuan Sara Hidup (BSH) / Bantuan Prihatin Rakyat (BPR) program (whether they have lost their jobs or not)
• Clients from any income segment who have lost their jobs due to the pandemic or OLS
• Microenterprises with loan facilities not exceeding RM 150,000, and
• SMEs which are not authorized to operate during the MCO with full lockdown (ie those which are not on the list of authorized sectors as published by Majlis Keselamatan Negara)
Borrowers who meet the above criteria and wish to benefit from this repayment assistance system will only have to contact the Bank to indicate the option they wish to choose. This process is hassle-free and no documents are required, only a borrower’s self-declaration.
2. Reduction of monthly repayment installments
Any individual customer regardless of the income classification (B40, M40 or T20),
or other microenterprises / SMEs that have experienced a drop in income (including household income for individuals) are eligible for a proportional reduction in monthly repayment installments.
3. Other forms of repayment assistance
Other borrowers who do not fit into the above categories but who may experience financial difficulties during this MCO can also discuss with the Bank other forms of repayment assistance to help them overcome their difficulties during this MCO. this period.
Maybank said it encourages eligible customers who wish to select their option for reimbursement assistance to do so through the following channels:
• Visit our Maybank2u Covid-19 Refund Support page at www.maybank2u.com.my/covid19 and click the “Send Email” button (for Retail and SMB customers respectively) to submit your option. Please complete the required information before sending the email.
• Call Maybank Customer Care Hotline: 1-300-88-6688 (Malaysia) or 03-78443696 (overseas) and press * 1 for “Refund Assistance”.
From September 2020 until early May 2021, the bank processed over 200,000 repayment assistance requests and approved all eligible requests processed, amounting to RM32 billion.
Of those approved requests, around 37% were granted a further deferral of their loan repayment and funding (moratorium), while the remaining clients were given lower installment payments for an agreed term.
In addition to repayment assistance, Maybank continues to provide a variety of financing solutions for businesses and individuals.