PETALING JAYA: Malayan Banking Bhd (Maybank) and Maybank Islamic have extended repayment assistance worth over RM77 billion to more than 420,000 individual and SME customers to weather the impact from the Covid-19 pandemic.
The group revealed these customers with over 500,000 loans/financing accounts translates into almost one third of its total Malaysian consumer and small to mid-sized business loan/financing portfolio based on outstanding balance.
Maybank community financial services group CEO Datuk John Chong revealed that the proportion of loans/financing under repayment assistance based on outstanding balance has more than doubled within the last two months following the automatic six-month moratorium in July 2021 due to the government’s Pemulih programme.
He said the bank has approved all the eligible applications made by individual, micro enterprise and SME customers under the program, and it will continue to offer repayment assistance to borrowers requiring continued financial assistance arising from the pandemic-led disruption.
“Although we are now seeing the gradual reopening of the economy following the successful vaccination rollout, we do understand that there remain some customers who continue to need a helping hand given the impact they have experienced from the various movement restrictions,” Chong said in a statement today.
“Maybank remains committed in supporting all our customers who have had their livelihoods disrupted and will continue to help ease their cashflow burden, while they work towards stabilising their livelihood.”
In regard to the assistance, he revealed that 69% of the total outstanding balance is under the deferred instalment (moratorium) option.
“For some severely affected customers, we are providing a longer period of moratorium from their loan/financing repayments as part of efforts to ensure they remain afloat throughout this period.”
Chong stated that the banking group will continue to offer repayment assistance and urged all customers who require it to submit their application.
Under the Pemulih Repayment Assistance programme, customers can opt for a six-month moratorium of instalments or a 50% reduction in instalment for six months for their loans/financing.
Apart from that, Maybank also offers other assistance plans which may better suit the customers’ financial circumstances.
