As banks start rolling out the ‘Opt-In’ loan moratorium facility under PEMULIH government aid for those who have been affected by the pandemic and their finances reduced due to lockdowns, Maybank is offering additional options for its customers.
In addition to the 6 month moratorium whereby customers can opt to not pay for their installments at all, or those who still have income coming in and prefer to pay a lower sum, the bank has option of a 50% reduction in monthly instalments for 6 months for those who prefer to have this alternative. Both of the options are currently available.
For those interested they may apply via the Maybank2u Covid-19 Repayment Assistance page and follow the instruction accordingly, however the service will only be up on 20 July. As for the moratorium on the monthly installment/RA plan it covers all loans/financing (excluding credit cards) and is applicable for customers including microenterprises and SME’s affected by the current situation.
Those holding credit cards need not fret, the is offering to convert the outstanding balances into a three-year term loan with reduced interest rates in order for borrowers to consolidate their financial obligations and be in a better position in the future. Credit card interest are at the highest with 2% compounding interest on the outstanding balance.
Those who opt in for the moratorium will get their approvals automatically if their loans were approved on or before 30 June 2021 and which are not overdue for more than 90 days on the date the request is submitted to the bank. They will also need not worry of the CCRIS ratings as the 6 month period will not be uploaded into the system.
In addition customers who need to discuss with their branch officer/relationship manager may also visit their nearest branch, SME Centre, or Auto Finance Centre (whichever is relevant). However, the Bank wishes to remind customers that these offices are currently operating by appointment only until further notice, while some may be closed owing to the current pandemic situation.
