MCO 3.0 To Be Enforced In 6 Selangor Districts On May 6

  • By CompareHero.my
  • May 5, 2021

Senior Minister for Security Ismail Sabri Yaakob announced Tuesday in a televised press conference that the Movement Control Order (MCO), which will be enforced in six Selangor districts starting May 6 until May 17. The six Selangor districts affected are Hulu Langat, Petaling, Gombak, Klang, Kuala Langat, and Sepang.

Interdistrict travel is banned between districts for areas that are under MCO. However, most economic activities are still allowed to run with reduced operating hours. Ramadan bazaars are also still allowed to operate even in MCO districts, with closures at the discretion of the state government.

The Conditional Movement Control Order (CMCO) or PKPB will continue in Kuala Lumpur, Selangor (Kuala Selangor, Sabak Bernam and Hulu Selangor), Pahang (Raub), Penang, Johor, Sarawak, and Sabah. The areas that are under Recovery Movement Control Order (RMCO) or PKPP are Kedah, Melaka, Negeri Sembilan, Pahang (except Gali, Tras and Raub), Perak, Perlis, Terengganu, Putrajaya, and Labuan.

Patrons can dine-in with family and friends as it will not be limited to two persons per table, but according to the size of the table and restaurant—as long as there is at least 1m of physical distancing between customers.

Economic activities in CMCO and RMCO states are allowed to operate from 6am until 12am, while the number of passengers per vehicle now depends on the vehicle’s maximum capacity.

Last year, lockdown measures saw the country reduce its COVID-19 cases to single digits in the first half of 2020. The success of ‘flattening the curve” allowed the government to replace the MCO with a Conditional Movement Control Order (CMCO) which was then followed by a Recovery Movement Control Order (RMCO), with localised restrictions introduced in certain areas with a spike in cases.

However, the cumulative tally of cases soon quadrupled near the fourth quarter of last year, which the Health Ministry associated with the rising number of cases globally. “This rising trend is what the Health Ministry is worried about as it is definitely in line with the rising number of COVID-19 cases and deaths globally,” Health director-general Tan Sri Dr Noor Hisham Abdullah said in a report.

Like MCO 2.0, MCO 3.0 has allowed economic sectors to continue to run as usual, such as the automotive sector and retailers like gold and jewellery shops.

Related: Starting A Business In Today’s COVID-19 World – Yay Or Nay?

Click here for the full list of SOPs for areas in MCO, CMCO, and RMCO, according to the National Security Council; but we also summarised some of it below.

P.S.: Anyone who violates the MCO rulings will be subjected to a maximum fine of RM1,000 under the Prevention and Control of Infectious Diseases Act 1988 (Act 342).

SOPs

  • Inter-district travel is now allowed in all states in Malaysia except for MCO districts.
  • Interstate travel is still banned nationwide.

  • Dine-in at restaurants and F&B outlets are allowed with 1 metre of social distancing and adherence to the SOPs.
  • No restrictions to the number of patrons per table.
  • Permitted businesses can operate daily from 6am-12am. Food delivery is allowed from 6am-12am.
  • All social and businesses are now allowed to operate as long as they adhere to the SOPs. These include businesses that were previously not allowed to operate such as theme parks, spas, massage parlours, reflexology centres, manicure and pedicure centres, cinemas, museums, zoos, tourism activities, and more.
  • All premises in CMCO states can only operate within 50% of their original capacity.
  • Business premises must prepare hand sanitisers, thermometers, and mySejahtera code/registration books. Patrons with temperatures above 37.5 celsius are not allowed to enter premises.
  • Public transportation as well as e-hailing services are allowed to operate.
    Clinics and hospitals are allowed to operate for 24 hours, while pharmacies can operate from 8am – 12am.
  • Formal and informal events including celebrations, social gatherings, banquets, religious ceremonies, face-to-face meetings, are now allowed.
  • Face masks are mandatory in public areas. The exceptions are in your own home, your own workspace, while doing sports or recreational activities (both indoors and outdoors), in your own vehicle with family members, in public spaces with no one else around.
  • High-risk individuals and children are discouraged from heading out to public, open, and crowded places.

Hari Raya Aidilfitri 2021 SOPs

  • Ramadan bazaars are allowed to operate with adherence to the SOPs.
  • Ramadan Bazaars may open from 3am-2am (April 13 onwards, food and beverages only)
  • Aidilfitri Bazaars may open from 10am- 2am (April 17 onwards, dry goods only).
  • Solat Terawih is allowed at mosques and surau with adherence to the SOPs and capacity limitations set by the authorities.
  • Restaurants, stalls, fast food outlets and food delivery services are allowed to operate until 6am during Ramadan to ease the purchase of sahur meals in the morning. Delivery, takeaway, and dine-in is allowed.
  • Ramadan buffets are allowed to be held for iftar meals, with adherence to the SOPs.
  • Aidilfitri prayers are allowed in all areas except the EMCO areas.
  • Social activities such as open houses and big gatherings are not allowed in areas under MCO.
  • House visitations in MCO areas are only allowed on the first day of Hari Raya (May 13) with a maximum of 15 guests.
  • House visitations in CMCO and RMCO areas are allowed for the first 3 days (May 13 until May 15), with no more than 20 and 25 guests respectively.
  • Cemetery visitations are allowed in CMCO and RMCO areas with not more than 6 pax per lot.
  • Click here for the full list of SOPs for MCO, CMCO and RMCO areas.


Related: 7 Types Of Shocking COVID-19 Scams All Malaysians Need To Be Aware Of

With the lifting of the MCO and with inter-district travel now allowed, expect to see road closures around the Klang Valley loosen.

Disclaimer:  This is a list of road closures we found based on referencing sites such as the KL Foodie, Klook, and Carsome. There may be changes and additions to this list of roadblock and road closure locations from time to time. 

By the way, before you head out, prepare the necessary documents to ensure you can arrive at your destination on time without any hassle.

MCO travel permit

CMCO travel permit

Related: 15 Most Expensive Traffic Offences in Malaysia

Though we will soon be able to roam freely within our own district and state (inter-state travel is still now allowed), these are still indeed trying times—the pandemic has affected the livelihood of thousands across the country, some have lost their jobs, others face unpaid leave and pay cuts.

When hope is running low, it is important to reach out to loved ones like family and friends for support and care. If you are looking out for professional help, check out this piece we did on affordable mental health services in the Klang Valley for a better sense of the different services and price points available in the Klang Valley.

Related: A Complete Guide To Employment Insurance System (EIS) Benefits In Malaysia

To help our readers navigate these difficult times, we came up with a quick guide on how to survive the pandemic. Here are some protective measures you and your family can practise to stay safe.

We hope this helps – here’s our MCO Survival Kit!

To help our readers navigate these difficult times, we came up with a quick guide on how to survive the lockdown measures. Here are some protective measures you and your family can practise to stay safe.

1. Stock up on the necessities (but don’t panic buy!)

Take a moderate approach when stocking up on essentials like food, toiletries, pharmaceutical products and household maintenance items. We recommend going for food that has a longer shelf-life, is long-lasting, and packed with nutrients.

If you don’t feel like going out for fear of being exposed to the virus, you can also get these items via GrabMart or foodpanda shops.

2. Create a crisis budget

Make full use of budgeting apps like Mint and Goodbudget, when keeping track of your daily, weekly and monthly spending. These apps are able to show what your balance will be once all your bills have been paid.

In these trying times, it’s important now, more than ever, to have an emergency fund in place. P.S. a savings and emergency fund are not the same. You also don’t have to go big right away. Start small like saving RM5 daily – eventually, it will snowball, and you could earn RM150 in a month. Just remember, every Ringgit counts.

3. Use your emergency fund only if necessary

If COVID-19 has taught us anything, it is to have and prioritise an emergency fund.

If you are one of the unfortunate many that was retrenched or have experienced pay cuts because of the pandemic, you can use your emergency fund as a backup until you finally have some financial stability again.

4. Create a quarantine routine

Feeling stressed, anxious or depressed at work these days? If anything, you could find comfort in knowing that you are not alone.

Though working from home has its perks (doing work in your PJs…), the blurred boundaries between work and home means productivity will take a massive hit and, unfortunately, your health will have to bear the brunt of it.

To avoid feeling like you have an endless task of work, make a list of things to do and be sure to label them according to its priority. A little structure goes a long way.

5. Prioritise paying down high-interest debt

There are three certain things in life – death, taxes and debt. Since all of us have limited funds – unless you are a billionaire with an island somewhere – reality is, you may not be able to service all your debts at once.

If you have been retrenched or are facing a pay cut, our immediate advice is to prioritise the debts with the highest interest rates to avoid the interest snowballing and resulting in more debt.

6. Keep calm – never sell stocks in a panic

Never ever panic sell. It may seem scary to continue channelling your money into the stock market, but you have to remember that you are investing with a specific goal in mind – and you are not trying to beat the market.

Remember to stick to your goals, objectives and time horizon. Don’t sell out of fear because the market will eventually bounce back.

We hope you found this read helpful. Stay safe and stay at home!

Related: A Complete Guide To Employment Insurance System (EIS) Benefits In Malaysia

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The 5-Step Guide To Rental Investing

  • By CompareHero.my

Real estate investing is actually an investing method that covers a huge variety of strategies and products. Ranging from buying Real Estate Investment Trusts (REITs), to a more direct approach of trading the properties directly. Rental properties are hands down one of the best ways to generate some side income. 

However, there have also been many misconceptions about how risky real estates are and how people make money with it. In fact, it can be among one of the most time-consuming investing methods that also requires you to actively manage it. 

Professional real-estate investors already know what to do and how to do them efficiently. So if you’re a beginner trying to get into this lucrative industry, we are giving you five tips to better manage and get started with rental investing. 

1. Identify your financial stage

Understand that real estate investing is simply a vehicle to get to your financial goals. Ideally, financial independence. The big question, however, is where do you start? Are you at the absolute bottom where you have to get out of debt first? Did you recently inherit a huge pile of money and are looking for a place to park it? 

This mountain to financial freedom actually determines what kind of strategy will fit your situation best. Because the truth is not all strategies can work for all situations and it needs discretionary tweaks to maximise the returns. So be honest with yourself. 

Related: 5 Stages Of Financial Independence

2. Choosing a specific strategy

After identifying what your circumstance is, and more importantly, how much risk you can take, your job switches into a researcher. We’ve established that we want to climb the mountain to financial freedom, now let’s ask how. 

what-is-rental-investment-1
Climb the mountain to financial freedom. 

To determine whether a rental property is worth investing in, you need to first come up with a rough estimate of how much ROI that it’s likely to generate. Factor in the expenses such as capital gains taxes and all the other fees along the way. They can add up to quite an amount. 

Start with only one strategy that fits best after all your research. However, that doesn’t mean that there won’t be detours where you have to mix it up with a different strategy or take a completely different route. Most real estate investing strategies work well over the long term, so don’t give up too soon but remember to be flexible as well. 

3. Picking the right market

Picking the right market is certainly one of the most important factors that can affect the outcome. For a beginner, it is always recommended to get somewhere close that you can travel to without much hassle. The reason being that if anything goes wrong, you can just head over and settle it immediately. 

Regardless of whether or not you decide to invest locally or from a distance, here are a few key factors that can help guide you. 

Macro factors: 

  • Economy
  • Employment rates
  • Population growth
  • Rent to price ratio


Micro factors: 

  • Convenience
  • Nearest public transport
  • The supply and demand of properties
  • Safety and crime rates
  • Facilities nearby
  • Entertainment within walking distance

Take your time when choosing a target market because getting it right will make your life so much easier while getting it wrong can mean that you’ll be spending a lot of time mending issues. 

4. Shortlisting

At this point, you should have a very clear picture of what you’re looking for in an investment property. One of the most viable ways to go about this is to use what is called the 1% rule. 

Grab the estimate of your monthly income on this rental property and divide it by the purchase price. The 1% rule comes in as it states that if this number falls in the 1% range, then it is considered a good rental property. Bear in mind that this rule is a simplified rule in terms that it doesn’t take into account the opportunity cost. 

On the other hand, just like other factors, your list of criteria will change over time and needs to be custom fitted. Therefore, keep it simple and easy to understand. 

5. Network

what-is-rental-investment-2

Your network is going to be your support group throughout your journey as a real estate investor. You don’t need employees per se, but you do need a few contractors and some professionals who can give you guidance on what to do next. 

Your team may consist of your business partners, your mentors, your spouse, a property manager, an accountant, an attorney, and all the people who will help you fix the property when anything goes south. 

Conclusion

With so many things to consider and so much information to digest, it can get overwhelming for beginners to get started. Take it one step at a time and we’ll warrant that you’ll figure it out along the way. All you have to do is take the first step and the next will show itself to you. 

Although we’ve listed down these tips, real-life can be different. So the key is really to be street smart, flexible, and determined enough to push through the challenges. If anything goes wrong, approach a professional in the industry and ask for their help.

Want to know more about rental investing and other related topics? Check out these articles:

Disclaimer: Neither CompareHero.my nor the content on it is intended as securities brokerage, investment, tax, accounting or legal advice, as an offer or solicitation of an offer to sell or buy, or as an endorsement, recommendation or sponsorship of any company, security or fund. The content on CompareHero.my is for general information purposes only and is not intended to be personalised investment advice or a solicitation for the purchase or sale of securities.

Compargo Malaysia Sdn. Bhd. and/or its affiliates cannot and do not assess, verify or guarantee the adequacy, accuracy or completeness of any information, the suitability or profitability of any particular investment, or the potential value of any investment or informational source. CompareHero.my may receive compensation from the brands or services mentioned on this website.

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4 Cara Cepat Untuk Membayar Hutang Pinjaman Peribadi Bank

  • By CompareHero.my
  • May 4, 2021

Kebanyakan individu perlu berhutang untuk membiayai perbelanjaan untuk perubatan, pelajaran, berkahwin, ataupun memulakan perniagaan.Untuk bebas dari hutang sepenuhnya mungkin agak mustahil. Tetapi, anda perlu tahu bagaimana kemampuan anda untuk membayar hutang-hutang  anda.Teruskan membaca untuk ketahui kemampuan anda untuk membayar hutang, dan  tips untuk membayar hutang dengan lebih cepat.

Hutang isi rumah rakyat Malaysia menunjukkan peningkatan. Malah, jumlah hutang isi rumah kini  terlalu tinggi sehingga sebahagian besar dari pendapatan bulanan digunakan hanya untuk membayar hutang sahaja.

Pada tahun 2013, nisbah khidmat hutang rakyat Malaysia ialah 43.5%, suatu angka yang membimbangkan kerana lebih 13.5% dari kadar yang hutang disarankan. Untuk pengetahuan anda, nisbah khidmat hutang yang disyorkan ialah pada 30% untuk memastikan anda tidak berbelanja lebih daripada satu pertiga dari pendapatan anda untuk membayar hutang.

Lebih membimbangkan, kadar hutang isi rumah ini menunjukkan peningkatan saban tahun:

“Kadar hutang isi rumah rakyat Malaysia dijangka akan terus meningkat untuk satu tempoh masa tertentu, dengan peratusan rakyat yang muda – 25 hingga 39 tahun, kelompok yang mengumpul aset – merupakan 26% dari populasi rakyat Malaysia. Pertumbuhan kelas ini juga lebih cepat berbanding pertumbuhan keseluruhan populasi Malaysia yang lain” – Wong Ying Ching, Ketua Bersama Institut Kewangan RAM Ratings


Manokaran Mottain, ketua penganalisa ekonomi Alliance Bank berkata, tumpuan utama harus diberikan kepada kemampanan hutang isi rumah. Ini kerana, ia membimbangkan jika rakyat Malaysia tidak mampu melangsaikan hutang mereka.

Tahukah anda, hutang-hutang rakyat Malaysia biasanya terdiri dari hutang kad kredit dan hutang pinjaman peribadi? Encik Azuddin Ngah, Ketua Pegawai Eksekutif AKPK memaklumkan bahawa antara punca utama rakyat Malaysia berhutang ialah kerana gagal menguruskan kewangan peribadi.

Dengan cabaran ekonomi semasa serta keadaan kewangan peribadi yang tidak menentu, ia amat penting untuk tidak terperangkap dalam kitaran pembayaran hutang yang berterusan. Langkah pertama yagn boleh diambil ialah dengan memahami kemampuan anda untuk membayar hutang.

Nisbah khidmat hutang

 

Sebagai permulaan, kaji berapa kemampuan anda untuk membayar hutang yang ditanggung sekarang menggunakan nisbah khidmat hutang. Nisbah ini biasa digunakan oleh bank atau individu untuk mengetahui berapa jumlah hutang yang boleh peminjam tanggung sebelum tidak mampu untuk membuat bayaran ansuran untuk pinjaman tersebut. Ia akan mengambil kira semua pinjaman serta kemudahan kredit anda, dan dibandingkan dengan jumlah pendapatan.

Sebagai contoh, Sarah memiliki pendapatan sebanyak RM5,000 sebulan, dengan komitmen kewangan seperti di bawah:

  • Pinjaman kereta: RM600 sebulan
  • Bayaran insurans: RM200 sebulan

Berdasarkan komitmen tersebut, nisbah khidmat hutang Sarah ialah:

(RM800 / RM 5000) x 100 = 16%

Dengan nisbah khidmat hutang 16%, jika Sarah ingin memohon pinjaman yang lain, dia perlu memastikan bayaran bulanan pinjaman tersebut akan tidak melebihi RM700 (berdasarkan saranan nisbah khidmat hutang yang tidak patut melebihi 30%).

Jelas sekali pada kadar gaji yang Sarah terima, dia tidak boleh mengambil lagi pinjaman kerana kebarangkalian dia akan melebihi nisbah khidmat hutang dan kemampuannya.

Jika tidak, sebahagian besar gaji Sarah akan digunakan hanya untuk membayar hutang sahaja. Kesannya, pendapatan boleh guna beliau akan berkurangan. Namun, masih ada lagi cara untuk Sarah memohon pinjaman, sebagai contoh jika dia ingin dapatkan pinjaman untuk membeli rumah, yang akan terangkan dibawah.

Ramai yang masih tidak mengetahui tentang nisbah khidmat hutang ataupun ia dipandang remeh. Sebenarnya, mengetahui berapa nisbah khidmat hutang peribadi amat penting walaupun anda tidak merancang untuk memohon pinjaman. Ia akan membantu anda untuk bersedia apabila anda ingin atau perlu memohon pinjaman.

Lihat juga: Bajet 101: Langkah Menyediakan Penyata Pendapatan Peribadi

Tips untuk membayar hutang

1. Bayar hutang tertinggi terlebih dahulu

Jika anda memiliki sejumlah wang, dan mempunyai pilihan sama ada untuk menyimpan wang tersebut dalam akaun simpanan, melabur, ataupun membayar hutang anda, pilih pilihan ketiga. Ini terutamanya jika anda mempunyai banyak pinjaman yang perlu dibayar. Walaupun anda hanya perlu melangsaikan satu pinjaman sekalipun, keutamaan perlu diberikan kepada pembayaran hutang. Ini kerana, berdasarkan kadar faedah yang anda perlu bayar untuk hutang tersebut akan menjejaskan kewangan anda lebih teruk berbanding pulangan yang anda dapat dari akaun simpanan.

table-BM-hutang(1)

Seperti contoh diatas, jika anda mempunyai RM5,000 dan menggunakan untuk membayar balik hutang pinjaman, anda anda jimat RM600. Ini kerana jika anda simpan wang tersebut pada kadar faedah 6%, anda hanya akan mendapat RM300 pulangan. Jadi ia lebih baik anda gunakan wang untuk langsaikan hutang berbanding memperdayai dirisendiri bahawa anda mempunyai simpanan RM5,000, walaupun anda mempunyai hutang yang perlu diselesaikan.

Lihat juga: Urus Hutang Secara Percuma Dengan AKPK

2. Bayar lebih dari bayaran minimum

Untuk pengetahuan anda, kad kredit juga merupakan sejenis pinjaman. Untuk menggunakannya dengan betul, pastikan anda  mampu untuk membuat bayaran lebih dari bayaran minimum pengunaan anda. Malah, lebih baik jika kad kredit digunakan apabila sangat diperlukan sahaja. Selain itu, pastikan anda mampu untuk membayar sepenuhnya sebaik sahaja anda penyata kad kredit

3. Hentikan penggunaan kad kredit buat sementara waktu

Sewaktu melangsaikan hutang anda, seeloknya kurangkan atau hentikan penggunaan kad kredit buat sementara waktu. Kad kredit juga merupakan sejenis pinjaman, jadi mengapa tambah lagi komitmen sedangkan komitmen kewanganan sedia kala masih belum dilangsaikan? Jika anda tidak mampu untuk hadkan pengunaan kad kredit, lebih baik anda berhenti menggunakan kad kredit sehingga anda selesai melangsaikan hutang.

Lihat juga: Mengapa Kad Kredit Merupakan Sejenis Pinjaman

4. Tambah pendapatan

Salah satu cara untuk melangsaikan hutang dengan lebih cepat ialah dengan menambahkan pendapatan. Biasanya, apa yang terlintas di fikiran ialah untuk mencari pekerjaan dengan gaji yang lebih tinggi. Namun, ia tidak semudah untuk dilakukan. Jika anda tidak mampu untuk mencari pekerjaan dengan gaji yang lebih tinggi, anda boleh mulakan pekerjaan sambilan.

Dengan pekerjaan sambilan, ia lebih fleksibel. Pilihan boleh dibuat untuk menentukan jenis kerja serta waktu untuk bekerja. Dengan cara ini, hutang anda akan lebih cepat dan mudah untuk dilangsaikan.

Akhir sekali, sebelum memohon mana-mana pinjaman dan kad kredit, buat perbandingan terlebih dahulu untuk memastikan produk tersebut sesuai dengan status kewangan anda. Gunakan aplikasi perbandingan percuma untuk pinjaman peribadi dan kad kredit di CompareHero.my bagi memudahkan permohonan anda.

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Can SMEs Survive The COVID-19 Economic Slowdown?

  • By CompareHero.my
  • May 3, 2021

Many small and medium enterprises have been impacted by the economic standstill caused by various movement control orders to stem the spread of the Covid-19 pandemic.

In an October 2020 report by The Edge Markets, the SME Association of Malaysia carried out a survey among 1,713 members and found out that 20% of its respondents were considering permanently shuttering their business in the next six months.

The survey also revealed that 22% of the respondents only have sufficient cash flow to last them for a month.

If your business is in need of cash flow, you may want to consider applying for the CIMB Financial Relief Assistance for SMEs. It features a variety of relief measures that cater to different types of enterprises.

CIMB Financial Relief Assistance for SMEs

Payment Assistance Programme (PAP) for SMEs

Need help with your existing financing payment? Applying for PAP could be the ideal solution.

Types of financing / How can this help my enterprise: 

  • Term Loan/ Term Financing-i: Pay only the interest/profit portion or partial payment for up to 12 months.
  • Overdraft/ Cash Line-i: Payment period of up to 12 months for settlement of principal and interest/ profit in excess.


Am I eligible? Yes, if:

  • Your business is classified as SME as defined by SME Corporation Malaysia.
  • You are an existing CIMB customer with Loan/Financing with CIMB.Note: All applications will be subject to the bank’s assessment and approval.


Availability: Until 30 June 2021

Other benefits:

  • No stamp duty
  • No additional fees/charges


Required documents: Latest 6 months’ bank statement

cimb-financial-relief-assistance-1
Applying for PAP could be the ideal solution if your business needs help with its existing financing payment.

Expanded Targeted Payment Assistance (ETPA) – for microenterprises

A helping hand for microenterprise customers.

Types of financing: 

  • Option 1: 3 months deferment of instalment
  • Option 2: 50% reduction in instalment for 6 months


Am I eligible?
Yes, if you are a Micro SME with a sales turnover below RM300,000 or less than 5 full-time employees. Your financing amount must also be less than RM150,000.

Availability:
Until 30 June 2021

Required documents:
No supportive documents are required to prove your eligibility. The application process will depend on the bank’s internal data and customer declaration.

PENJANA SME Financing Scheme

Need to boost your working capital? This could be just what your business needs.

Types of financing:
For your working capital only. It’s not for the refinancing of existing credit/financing facilities.

Am I eligible?
Yes, if your SME is owned and controlled by Malaysians who hold a minimum 50% shareholding.

Availability:
From July 2020 onwards or until the available limit has been exhausted

Terms:

  • Up to RM500,000 per eligible SME
  • Maximum tenure of up to 5 years.
  • Maximum interest/profit rate of 3.50% p.a
  • Subject to CIMB’s assessment and criteria.


Required documents: 

  • Latest 6 months’ bank statement
  • Latest Audited Financial Report/ Management Account

cimb-financial-relief-assistance-2
The Penjana SME Financing Scheme can help to boost your working capital.

Targeted Recovery & Relief Facility (TRRF)

Were your revenues affected by the reintroduction of targeted movement control orders since June 2020? This facility can boost your working capital.

Types of financing:
Working capital

Tenure:
Up to 7 years, including a 6 months moratorium on monthly instalments

Maximum financing amount:
Up to RM500,000 per SME

Note: The above is applicable for associated companies for SMEs with common shareholder(s) i.e. with less than 20% shareholding.

Interest/Profit rate:
Up to 3.5% p.a. (Inclusive of Guarantee Fees.)

Additional features:
The facility will be guaranteed by Credit Guarantee Corporation Malaysia Berhad (CGC)/ Syarikat Jaminan Pembiayaan Perniagaan Berhad (SJPP) of up to 80%. Guarantee fees are to be borne by the Bank.

Am I eligible?
Yes, if you are an SME in targeted vulnerable sectors such as personal services, food and beverage services, human health and social work, arts, entertainment and recreation subsectors.

Availability:
December 2021 or exhaustion of TRRF fund, whichever comes first

Required documents:
Latest 6 months’ bank statement (not required if CIMB is your main bank)

cimb-financial-relief-assistance-3
If your revenues were affected by targeted movement control orders, TRRF can give your working capital a boost.

Need more information?

With the upcoming launch of CIMB’s new enhanced virtual assistant, VOX, your application process will be much easier in the future. Equipped with the latest financing AI, VOX can help answer your questions regarding the Financial Relief Assistance for SMEs. Stay tuned for further updates!       

The CIMB Business Call Centre is also reachable via phone calls. For SME customers, please call CIMB’s Business Call Centre at 1 300 888 828. For non-SME and corporate customers, please contact your Relationship Manager to make the necessary arrangement.

You can also visit www.cimb.com.my/frap to access more details about the eligibility requirements and FAQs for the Financial Relief Assistance for SMEs.

Click here to register your interest
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12 Ways You Can Save On Medical Costs In Malaysia

  • By CompareHero.my
  • April 30, 2021

The cost of living in Malaysia continues to rise, along with all medical-related expenditures. That of course includes the price of medication, private clinic and hospital consultation fees, insurance premiums and even health supplements.

Of course, your health is not something that you’d ever want to skimp on, but there are ways for you to save hundreds – maybe even thousands – of ringgit without putting your health and well-being at risk. Use these fool-proof tips and start trimming the excess off your medical bills.

Related: What Is The Difference Between Life Insurance And Medical Insurance?

1. Get comprehensive medical insurance

There are still Malaysians who overlook the importance of having medical insurance and prefer to depend on their employee medical benefits. Not all employees’ medical benefits insurance is comprehensive enough to cover major illnesses or even permanent disability, as most employers only offer clinical benefits with set limitations.

You’ll feel the pinch of the medical and hospitalisation costs when you have to fork out your own cash to supplement the costs that aren’t covered under your employee medical benefits. Getting the most basic personal medical insurance coverage isn’t the solution either.

It’s really not worth your life to compromise on your health. You never know when you’ll need extensive insurance coverage to pay for your chemotherapy sessions.

2. Understand your insurance policy

Getting comprehensive medical insurance is only the first step, but you need to understand and be in the know of what your medical policy covers to fully utilise it. Find out the coverage limit, ward entitlement, clinical entitlement (outpatient or inpatient), emergency room visits, post-treatment benefit and so on. This is to save yourself from spending extra money on the areas where you are actually covered for.

3. Buy health check-ups online

As the saying goes, ‘prevention is better than cure. It’s advisable for you to go for regular health check-ups, but as they can be quite pricey, many are discouraged by the thought of spending more money on their health.

It doesn’t help that insurance companies rarely offer free health check-ups in their policies either unless the check-ups are a part of ongoing medical treatment. But that doesn’t mean that you can’t economise on health check-ups.

4. Minimise your visits to the doctor

You wouldn’t want to waste over RM60 to see the doctor just to confirm that you’re having the old flu-and-fever would you? You’ll probably end up going home with some Paracetamol and flu tablets, both of which you can easily get from any pharmacies for less than RM10.

Try to reduce your trips to the doctor and get medication over the counter instead. Your local pharmacist will be happy to help, and you get to save on consultation fees.

12 Ways You Can Save On Medical Costs In Malaysia | CompareHero.my
Herbal medication is also a cheaper alternative.

5. Make use of public medical facilities

Government-subsidised medical facilities offer services and medication at much lower prices than private ones. Their services may not be as fast as the latter due to a shortage of staff, but our public healthcare has been known to be one of the best in the world and was ranked as the third best healthcare in the world in 2014.

Sure, they have been some complaints circulating over the difference in customer service between public medical facilities and private ones, but that is just normal considering the size of the demand that the public medical facilities have to cater to on a daily basis. Be that as it may, the wait is worth putting up with, especially if it saves you hundreds of ringgit.

6. Don’t be afraid to ask questions

More often than not, private medical facilities will recommend a long list of tests, diagnoses and prescribed medication – don’t be afraid to ask your doctor why the tests or medication are really needed. Each test and diagnosis earns them a huge chunk of profit, so you’ll want to trim the unnecessary ones to save on cash – or insurance coverage.

Ask instead if the tests can be postponed until any changes are detected in your symptoms. If you feel that your medication is too expensive, request your doctor to suggest similar over-the-counter alternatives.

7. Compare prices

Not all medication is sold at a controlled price, therefore it’s wiser for you to shop around and compare the best deals for the ones that you need. Pharmacies like AA Pharmacy, Watson, Guardian and Vitacare constantly offer deals and discounts for general over-the-counter medical supplies, so take some time to compare their prices and ultimately, choose the ones with the best value for money.

It’s also a good idea to visit the in-house pharmacies in hypermarkets such as Tesco. They’re known to sell general medical supplies at bargain prices, although the products sold there may not be as varied as the commercial pharmacies.

12 Ways You Can Save On Medical Costs In Malaysia | CompareHero.my
Lead a healthy lifestyle to reduce the chances of sickness.

8. Get a price estimate

Few people in Malaysia are aware of this, but you can actually get a price estimate for your treatments or procedure before you go through with it. If your condition isn’t immediately life threatening, compare prices from several medical facilities before you choose one.

Ask for a repayment plan if the estimated cost is too large, and try to get discounts and ways to reduce the cost where ever possible by switching to generic medication or cutting down on the number of tests and diagnosis procedures. At the end of the day, it’s your health and you need to know what you’re paying for is going to be worth it.

9. Ask if you can get a discount for cash payments

If you have some savings set aside and you want to save your medical insurance coverage for future use, ask the reception or the doctor at the hospital if you can get discounts for cash payments before you schedule your treatments or procedures.

Private clinics and hospitals usually prefer cash payment over insurance claims and credit card transaction fees, so most of them would be open to the idea of giving you discounts to encourage cash payments in full.

10. Crosscheck for any billing errors

Even the tiniest mistake could mean the difference between the cheaper CT scan and the more expensive MRI scan in your medical bills, so be vigilant when checking your bills before leaving the hospital. Remember to ALWAYS ask for itemised bills so that you can clearly see what you’re being charged for – also it makes it easier for you to spot any errors in your bills.

The same applies to the statements sent by your insurance company (in the case of co-pay bills), this is when your in-depth knowledge about your policy coverage comes in handy. Even the best of us make mistakes at times, so be sure that all the costs that are supposed to be covered by your insurance policy aren’t taken out from your own pocket.

You should also keep all your medical bills and original receipts for income tax relief purposes.

See also: Tax Relief vs Tax Rebate: What’s The Difference?

11. Keep copies of your test results and medical record

These can really come in handy – and save you from paying for the same tests twice. Most test results last for at least a few years – unless drastic changes are seen in your symptoms. Having your medical record at hand also makes things easier for your doctor to treat you immediately – or advise you on the available options that are best suited to your medical condition.

12. Reduce post-treatment care costs

This applies to medical conditions that require longer recovery time, such as broken bones, injuries and surgeries. If you are recommended to go on a month-long physiotherapy program at the hospital, ask to shorten the number of treatments needed and ask for guidance and advice for home-based post-treatment cares.

Your doctors and physicians will understand your financial situation if you are honest with them, and you may even get to ask for discounts for the needed treatments.

Above all, remember to practice preventive care – eat healthy and balanced food, exercise regularly and keep up a healthy lifestyle so that you can enjoy good health and life alongside your family and friends.

You could also consider getting a personal loan to help finance your medical costs if the hospital bill is too high and your insurance policy does not provide 100% coverage for all of your treatment and medication costs.

We at CompareHero.my strive to empower Malaysians with financial literacy and the tools to make better financial decisions in life. If you are considering getting a personal loan to cover your medical cost, we offer a good platform for you to compare the personal loans too!

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