PETALING JAYA: Public Bank Bhd’s ongoing Targeted Repayment Assistance programme has assisted over 160,000 customers, with relief assistance amounting to about RM40 billion and an approval rate of close to 100% of total customers’ submissions.
“Currently, more than 90% of Public Bank’s customers are paying their monthly loan instalments,” Public Bank managing director and CEO Tan Sri Tay Ah Lek said in a statement today.
The bank has reaffirmed its commitment to offer the programme to support all customers who face loan repayment difficulty due to the movement control order (MCO) 3.0 and the effects of the Covid-19 pandemic.
The programme, which was launched in August 2020, comprises flexible repayment packages for all segments of individual customers as well as microenterprises and small and medium enterprises (SMEs).
Public Bank has developed a digital platform to enable a full straight-through online process on customers’ applications for the repayment assistance.
For the B40 segment, individual customers who have lost their jobs as well as SMEs and microenterprises that are not allowed to operate during the MCO, Public Bank is offering a loan deferment for three months, or a 50% reduction in the monthly instalment payment for six months.
For individual customers, whether they are in the B40, M40 or T20 segment, who encounter a reduction in income, as well as SMEs and microenterprises, Public Bank will continue to provide different options of repayment packages allowing customers to make lower monthly repayments that commensurate with their income reduction.
It said affected customers who face significant financial difficulties are offered a reduction of up to 75% of their existing monthly instalment under these flexible packages. Customers may propose any other reschedule or restructure arrangement that suit their financial needs.
