CIMB introduces targeted repayment assistance programme to assist customers post-moratorium

As part of its continuous support to its customers to weather , CIMB has announced a convenient and seamless targeted repayment assistance programme to their customers upon expiry of blanket moratorium period.

The repayment programme will provide individual customers/borrowers who have lost their jobs since 1 January 2020, and who remain unemployed, a 3-month payment relief. For individual customers/borrowers who have suffered a decline in income will be eligible for a commensurate reduction of monthly payments for at least 6 months, which will include Hire Purchase financing where affected customers will be offered revised monthly payments, together with an extension of tenure.

And, 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.

In a statement, Abdul Rahman Ahmad, Group Chief Executive Officer of CIMB Group, said that as a responsible financial institution, they are pleased to continue to provide support which are tailor-made to cater to the needs of their financially affected group of customers.

“As part of our commitment to provide a seamless customer experience, CIMB will simplify and expedite the application and approval process. As the end of the blanket moratorium is fast approaching, impacted customers are encouraged to contact us as soon as possible to discuss options with CIMB. Our priority remains to ensure the financial well-being and businessviability of all our customers and also the health of our economy,” Abdul Rahman said.

Customers are assured of automatic approval, provided that satisfactory documentary evidence is given confirming the customer’s situation. Further, their take up of any financial assistance will not impact their CCRIS (Central Credit Reference Information System) status as long as borrowers continue to make the loan/financing payments promptly based on the agreed revised repayment schedule.

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.

CIMB has supported customers through the challenging economic environment since the start of the Covid-19 pandemic and remains committed to continue. The bank provided the 6-month moratorium to help ease cash flow and provide breathing space for Malaysians at the peak of the pandemic. As at end-June, the moratorium has benefitted over 1.25 million retail customers and around 16,000 SMEs and corporate clients in terms of cash flow alleviation to help them face the challenging environment. In addition, CIMB has approved over RM1 billion of relief funds to SMEs, of which RM700 million is under the Bank Negara Malaysia’s Special Relief Fund (“SRF/SRF-i”).

The Bank is also fully committed to supporting the Government’s newly launched RM1 billion PENJANA financing scheme for SMEs.

To ensure seamless customer experience, all processes will be simplified with a quick turnaround time. CIMB has employed data analytics to identify those potentially most affected and will be proactively engaging these customers.

For more information, please visit https://www.cimb.com.my/en/personal/help-support/covid-19-support.html, call a CIMB representative at +603 6204 7788 or email us at covidcare@cimb.com.

 

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