KUALA LUMPUR (Nov 23): Maybank has extended the application period for loan/financing repayment assistance until June 30, 2021 to provide financial relief to individual and small and medium enterprise (SME) customers.
In a statement today, Maybank said customers who require financial assistance can still contact the bank to discuss and work out the most suitable repayment assistance package to address their current circumstances.
The bank said with the pandemic prolonging, its priority is to ensure that customers continue to have access to the assistance they require to get them through this difficult period.
Maybank said that to-date, it has processed over 90,000 repayment assistance applications received from customers and have approved all eligible applications processed.
Of these approved applications, close to 45% have been granted a further deferment in the repayment of their loans and financing, it said.
To complement its existing repayment assistance packages, Maybank is also offering targeted repayment assistance (TRA) to eligible B40 individual and microenterprise customers starting today up till June 30, 2021.
To be eligible for TRA, customers’ loans or financing must also be approved before Oct 1, 2020 and not in arrears for more than 90 days at the point of application.
Customers who apply for the TRA can opt for a three-month deferment of instalments or a 50% reduction in instalment for six months for their loans or financing.
In addition, other comprehensive packages are also being offered by the bank.
Maybank said all successful applications for TRA will take effect from Dec 1, 2020 to June 30, 2021.
The bank said in addition, the application process has also been simplified for selected groups.
It said for B40 customers and microenterprises eligible for the TRA, no documentation is required, while M40 customers registered in the Bantuan Prihatin Nasional database only need a self-declaration for their repayment assistance application.
Source: The Edge Markets