CIMB, Public Bank to provide targeted loan repayment assistance after Sept 30

03 Aug 2020 / 23:00 H.

PETALING JAYA: CIMB Group Holdings Bhd and Public Bank Bhd will provide loan repayment assistance to targeted customers upon the expiry of the six-month moratorium on Sept 30, 2020.

CIMB Bank Bhd and CIMB Islamic Bank Bhd’s targeted repayment assistance programme will offer individual customers/borrowers who have lost their jobs since Jan 1, 2020, and who remain unemployed, a three-month payment relief.

Individual customers/borrowers who have suffered a decline in income will be eligible for a commensurate reduction of monthly payments for at least six months. This will include hire purchase financing where affected customers will be offered revised monthly payments, together with an extension of tenure.

Other affected SMEs, corporates and individuals will be offered several options which include an extension of the existing relief programme, profit/interest servicing only, possible extension of the loan/financing tenure to enable lower monthly instalments and amending other terms and conditions of the loan/financing where appropriate.

CIMB has employed data analytics to identify those potentially most affected and will be proactively engaging these customers.

An SMS will be sent to more than 300,000 individuals and 10,000 SMEs from yesterday who are advised to follow the simple instructions and complete their applications by Aug 20, 2020.

Customers who do not receive an SMS from the bank, but are anticipating difficulties in commencing payments after Sept 30, 2020, are encouraged to get in touch with the bank from August 7 until Sept 7, 2020.

For those whose livelihoods have not been affected, CIMB strongly urges them to resume payment of their loans/financing in October 2020. All customers, affected or otherwise, will be notified with a letter from the bank, informing them of the next steps.

Meanwhile, Public Bank has developed a loan repayment assistance programme consists of various repayment packages which suit its customers’ financial conditions.

Public Bank has also developed a digital platform to enable eligible customers to submit online application for rescheduling of their repayment plans.

The digital platform will enable a more simplified, efficient and effective application and approval process of repayment plans for customers. Public Bank’s customers are advised to submit online application through the digital platform via Public Bank’s website starting from Aug 7, 2020.

Public Bank managing director and CEO Tan Sri Tay Ah Lek said its engagements with customers have been ongoing.

“The bank’s repayment assistance packages have been carefully structured, taking into consideration the temporary cash flow constraints of our customers. These packages will enable our customers to gradually readjust their financial positions over an extended period of time.”

Customers who intend to apply for the repayment assistance on their loan and financing are advised to approach any Public Bank branches, or visit its website for further information.

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