PETALING JAYA: In line with the recently announced Pemulih package by the government, Malayan Banking Bhd (Maybank) is offering convenient channels for customers to opt in for the six-month moratorium.
The bank is also offering an additional repayment assistance (RA) option of a 50% reduction in monthly instalments for six months for customers who prefer to have this alternative.
The moratorium/RA plan is available for customers to request effective today. Maybank customers may request for the moratorium/RA via the Maybank2u Covid-19 Repayment Assistance page, or request online via Maybank2u (available from July 20, 2021).
“The moratorium on the monthly installment/RA plan covers all loans/financing (excluding credit cards) and is applicable for all individuals (including all B40, M40 and T20 borrowers/customers); all microenterprises; and all small and medium enterprises (SMEs) that have been affected by the Covid-19 pandemic,“ Maybank said.
For credit card facilities (excluding charge cards), Maybank will offer to convert the outstanding balances into a three-year term loan with reduced interest rates so that borrowers can better manage their financial obligations during this challenging time.
The moratorium/RA plan is applicable for loans or financing approved on or before June 30, 2021 and which are not overdue for more than 90 days on the date the request is submitted to the bank. Approval will be given automatically to all customers in the above categories and Maybank has designed the process to be hassle-free with no supporting documentation requested upfront for approval purposes.
“Borrowers opting in for the moratorium/RA that their Central Credit Reference Information System records will remain unaffected and they do not have to worry about the impact on their credit profile,“ assured Maybank.
