If you are struggling to make your loan repayments, Malayan Banking Bhd (Maybank) is now providing three options to apply for post-moratorium assistance packages before the existing six-month COVID-19 moratorium ends. Read this article to find out how.
At time of writing, we are only a month away before the 6-month COVID-19 loan moratorium ends on 30th September 2020. With the country still recovering from the economical effects of the pandemic, the government and Bank Negara has officially introduced a 3-month loan moratorium extension for a select group of borrowers.
In line with this, Maybank is now offering three easy channels for their customers to apply for their post-moratorium Repayment Assistance Package. Aimed at helping ease financial burdens, the bank will continue to progressively reach out to more customers but wishes to encourage those who need this assistance to contact them as soon as possible.
What is the Maybank Repayment Assistance Package?
The Maybank Repayment Assistance Package is pretty much in its name - an assistance package for Maybank customers who are struggling to pay off their loans.
The package will be tailored to best suit the needs of borrowers and address their challenges, be it loss of employment, reduction in salary, or a disruption in their business operations.
This could include:
- an extension of the moratorium (for those who lost their employment in 2020),
- a rescheduling of their loan to extend the tenure, or
- a restructuring of their loan to one that is more in-line with their payment capabilities.
How to apply for Maybank COVID-19 loan moratorium assistance
To make it easy, here are the three channels available for Maybank customers to choose from:
a. Apply online via Maybank2u (for individual customers, excluding Hire Purchase).
b. Apply via email to email@example.com (for individual customers) or SMErelief@maybank.com (for SME customers), providing name, contact number, type of loan (e.g Mortgage, Hire Purchase, Term Loan Financing); Vehicle number (for Hire Purchase) and Reason for application.
c. Visit or call any of the Maybank branches, SME Centres, or Auto Finance Centres (whichever is relevant) nationwide.
Be sure to remember that the deadline for applications ends on 30th September 2020. However, start applying as early as possible so that the repayment arrangements can be approved and implemented before the moratorium ends.
For more information, go to www.maybank2u.com.my/covid19 or call the Maybank Customer Care Hotline: 1-300 88 6688 (and press *1 for “Repayment Assistance”).