CIMB Extends Moratorium For Affected Borrowers During MCO 3.0

CIMB Bank Berhad and CIMB Islamic Bank Berhad has revised comprehensive financial relief assistance programmes for all affected customers, in line with the recent Pemerkasa Plus aid package announced by the Malaysian Government.

Given the implementation of the tighter Movement Control Order (“MCO”) 3.0 from June 1 onwards, CIMB’s will expand the moratorium for three month and reduction of monthly instalment by 50 percent for any customer who experienced loss of employment, B40 customer (recipients of the Bantuan Sara Hidup (BSH) or Bantuan Prihatin Rakyat (BPR), any microenterprise (with borrowings up to RM150k) as well as SME that is not allowed to operate during the Movement Control Order (locked-down sectors).

The impacted borrowers need to choose their preferred alternative, and approval will be granted automatically if they match the criteria highlighted.  

The current repayment relief assistance programme aims to sustain individual and B40 borrowers, microenterprises, and other affected borrowers, as well as expanding assistance to enable SMEs who are unable to operate during MCO 3.0 reduce cash flow pressures.

Abdul Rahman Ahmad, Group Chief Executive Officer of CIMB Group said, “CIMB would like to reassure our customers that we remain committed to providing support during this challenging period. The expanded financial relief assistance offered to our affected customers is to help them stay resilient given the prolonged challenges. We have ensured a convenient and simple process for our customers to choose a payment relief programme, suited to them.”

Individual customers who have seen a reduction in income can also benefit from lower monthly installment payments, and all other impacted borrowers can contact the bank to discuss financing restructuring and rescheduling options.

CIMB urges any customers impacted by the pandemic in any way to reach out to the bank. Impacted customers are able to select the preferred relief programme with minimal documentation required with reassurance that their Customers’ CCRIS (“Central Credit Reference Information System”) status will not be affected.

As of end May, CIMB has processed over 165,000 financial relief applications for individual and company debtors in Malaysia, totaling more than RM22 billion, with a nearly 100 percent approval rate.

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