Starting Nov 23, B40, M40 and microenterprise customers of OCBC Bank (Malaysia) Berhad (OCBC Bank) and OCBC Al-Amin Bank Berhad (OCBC Al-Amin) may apply online at www.ocbc.com.my for the enhanced targeted repayment assistance plans announced earlier this month by the Finance Minister.
The applications may be made using a simplified online application process that takes a matter of minutes to fill and submit.
Personal banking customers can also opt to call a dedicated hotline 03-8317 5011, while SME customers may call 03-8317 5200. The lines are open Monday to Friday, 9am to 6pm.
The enhancements to the assistance plans involve B40 customers who are recipients of Bantuan Sara Hidup (BSH)/Bantuan Prihatin Rakyat (BPR), M40 customers on Bantuan Prihatin Nasional (BPN), and microenterprises with loans or financing where the original facility amount is up to RM150,000.
Under the enhanced targeted repayment assistance programme, eligible B40 customers may opt for a three-month deferment of instalments or a six-month reduction in instalments by 50 percent by applying online without the need to furnish any documentation.
M40 group customers who wish to apply for a six-month reduction in instalments by 50 percent also do not need to furnish any documents; however, a self-declaration will be required.
Those in the M40 group requiring the existing extension packages or wish to apply for more than six months of 50 percent reductions in instalments will continue to need to furnish the relevant documents.
OCBC Bank (Malaysia) Berhad Chief Executive Officer, Ong Eng Bin reminded those who are affected not to hesitate to come forward to seek assistance as the spirit of the plan is to ensure no one gets left behind.
“That said, as at the end of October 2020, I am pleased to note that more than 90% of our SME and home loan customers who participated in the earlier 6-month automatic moratorium programme have resumed their original repayments, electing to forgo our offer of extension plans. While these are positive signs surrounding the majority of our customers, our focus is on assisting the minority that remains badly affected,” he said.
The targeted repayment assistance programme runs from 1 December 2020 until 30 June 2021. Only loans that were approved before Oct 1 and are not in arrears exceeding 90 days as at date of request by the borrower are eligible for the enhanced targeted repayment assistance.
For married couples who are eligible for BSH/BPR based on household income, both husband and wife are eligible for the package if they have bank loans or financing.
Those who opted out of the blanket moratorium (announced in March 2020) are also eligible for this enhanced targeted repayment assistance.
All Hire Purchase customers who wish to take up the enhanced targeted repayment assistance are required to indicate acceptance of the revised terms and formally confirm this with the Bank.
This involves signing fresh documentation in relation to the hire purchase facility to ensure that the rights of all parties continue to be preserved and protected as required under the provisions of the Hire Purchase Act 1967 which governs the financing granted. Similar process and documentation requirements apply to customers with fixed rate Islamic financing facilities.
The enhanced targeted repayment assistance also applies to microenterprises with loans where the original facility amount is up to RM150,000. Such microenterprises must fall within the definition of a microenterprise, according to the Guidelines on SME Definition issued by SME Corporation Malaysia, and include business entities across all sectors with sales turnover of less than RM300,000 or have less than 5 full-time employees.
Eligible microenterprises that wish to take up the enhanced targeted repayment assistance must contact the Bank to request and confirm the repayment assistance required.
The targeted repayment assistance announced previously for those who lost their jobs in 2020 and have yet to find another job, or whose income has been affected due to the Covid-19 pandemic, is still available.
All customers, regardless of whether they are recipients of BSH/BPR, categorised as M40 who are registered in the BPN database or not, who wish to discuss their financial repayment options with the Bank and obtain advice on the targeted repayment assistance options available to them are welcome to contact the Bank.