Reach out for moratorium extension

by HARIZAH KAMEL/ pic by BLOOMBERG

BANKS in Malaysia are urging those in need of a loan moratorium extension to contact their respective lenders via the various channels provided.

Bank Islam Malaysia Bhd CEO Mohd Muazzam Mohamed said following the prime minister’s announcement to implement a targeted moratorium extension, the bank has contacted all 380,000 of its customers via short messaging service.

“From that figure, the number of those who have responded is still around less than 10%. We have yet to receive a lot of responses because I think people haven’t decided.

“For those, who do not need the extension, they do not have to respond and will continue to pay back starting October,” he told reporters last Friday in Kuala Lumpur. “Only 5% of Bank Islam’s customers did not take up the moratorium.”

“Bank Islam is in a strong position to help. In terms of capitalisation, we are intact, but there are some costs or potential income that we have to waive,” Mohd Muazzam added.

Affin Bank Bhd said last week it will roll out a Financial Assistance and Instalment Relief, or FAIR, programme, a specially customised and supportive financial assistance solution for individual, small and medium enterprise (SME) and corporate clients.

Affected customers are encouraged to approach the bank for assistance under the relief programme, which allows them to defer loan repayments, request for reduced instalments or restructure their loans for a certain period on a case-by-case basis.

Customers can reach out to Affin Bank’s contact centre, visit any Affin Bank or Affin Islamic Bank Bhd branch, or send an email to [email protected]

Bank Kerjasama Rakyat Malaysia Bhd yesterday said it has identified close to 190,000 potentially affected financing accounts and is currently contacting the account owners in stages.

For Malayan Banking Bhd (Maybank) customers, they may apply for repayment assistance packages online via Maybank2U (for individual customers excluding hire purchase); via email (for individual and SME customers); or by visiting/calling any Maybank branches, SME centres or auto finance centres nationwide.

The repayment assistance packages may include a moratorium extension for those who lost employment in 2020, rescheduling of loan/financing facilities to extend the tenure or restructuring the loan/financing to a structure which is more in line with one’s payment capabilities.

While the deadline for applications is Sept 30, 2020, the bank urges its customers to start applying as early as possible to facilitate approval and implementation of repayment arrangements before the moratorium ends.

OCBC Bank (M) Bhd’s customers can apply for post-moratorium support through a simplified application process on the bank’s website, as well as via dedicated hotlines or through relationship managers. Applications for repayment assistance should be made by Sept 7, it said in a statement.