In a statement yesterday (March 9), Malayan Banking Bhd (Maybank) stated that the bank will continue offering financial support to customers who are still recovering from the effects of the pandemic under its Maybank Repayment Assistance programme for individuals, small medium enterprises (SME), and non-retail customers.
In line with its mission to Humanise Financial Services, the bank said that its current focus is tailoring their support to help rebuild their customers’ resilience to adapt and operate in the new normal.
It stated that the Maybank Repayment Assistance is available to all individual customers who have experienced loss of employment or at least 50% reduction in their income. It is also available to SME and non-retail customers who have suffered a decrease in revenue.
With that said, the affected customers must meet several criteria:
- Not under an existing Repayment Assistance programme as at the date of application;
- Whose loan/financing is still performing (not in arrears for more than 90 days) as at the date of application; and
- Whose loan/financing was disbursed on or before 30 September 2021.
Individual customers who have suffered a loss of employment and meet all other eligibility criteria may opt for 6 months deferment of payments, followed by a reduction of 50% instalment for 9 months for their loans/financing.
However, those who have experienced a 50% reduction in income and meet all other eligibility criteria can request for a 50% reduction of instalments for 6 months for their loans or financing. Similar options are also available for SME customers.
As for customers with Hire Purchase loans/financing who meet all other eligibility criteria, they may opt for either one of the two Maybank Repayment Assistance options:
- 50% reduction of instalments for 6 months, for customers who experienced 50% reduction in income; OR
- 6 months deferment of payments and extension of loan/financing tenure, for customers who experienced loss of employment.
“Additionally, customers who experienced a 50% reduction in income and have outstanding balance on their Credit Card/Credit Card-i can also choose to convert it into an instalment programme of 36 months.”, the bank added.
The Maybank Repayment Assistance programme would be complementing the existing URUS Financial Management and Resilience programme which was founded to support the bottom 50% income group individual customers until March 31.
Customers who are interested in applying for the Maybank Repayment Assistance may do so by visiting the Maybank2u Covid-19 Repayment Assistance page at www.maybank2u.my/covid19 for a list of supporting documents required. Alternatively, they can also apply at their nearest Maybank branch.