Banks Offer Flood Relief Aid to Affected Persons & Businesses
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Several banks have indicated that they will assist customers whose homes have been flooded due to the recent severe rains.
Malayan Banking Bhd (Maybank), Ambank Group, and Bank Islam Malaysia Bhd (BIMB) are among them.
Maybank's flood relief assistance
Maybank said in a statement that their relief assistance is intended at easing the financial burden of its clients who have been affected by the floods, which have resulted in substantial property damage and the closure of many roads.
According to Maybank, the relief assistance includes:
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An extension of repayment tenure,
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A reduction in monthly instalments, or
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Deferment of financing/loan payment.
Customers can apply for assistance by sending an email to floodrelief@maybank.com with:
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Their name/company name,
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IC number/Business Registration,
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Contact number,
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Loan/ or product type, for instance: mortgage, hire purchase, term loan financing, and vehicle number (for hire purchase).
According to the bank, customers can also visit or phone any Maybank branch, SME centre, business banking centre, or auto finance centre around the country.
The recent flood in Klang Valley. Source: BERNAMA
Ambank's Flood Relief Programme
AmBank Group has announced that it will provide targeted support to qualifying customers who are suffering from flood-related difficulties.
"Through our Flood Relief Programme, the bank is committed to giving flood assistance to all of our affected customers," said Datuk Sulaiman Mohd Tahir, the bank's group chief executive officer.
He said that customers are granted a six-month moratorium on all loans and financing facilities, including credit card facilities, with no late or penalty penalties applied during that time.
"Furthermore, all incidental and replacement expenses will be waived for clients requesting replacement of passbooks, chequebooks, fixed deposit certificates, ATM, credit and debit cards to help lessen their burden," he added.
BIMB's Prihatin Flood Program
In a statement, BIMB announced the launch of its Prihatin Flood Program to support all flood-affected financing clients.
According to the terms and restrictions, affected customers with financing facilities can apply for up to six months of financial relief on their monthly commitments under the programme.
Mohd Muazzam Mohamed, CEO of the BIMB group, said the company has been keeping up with the latest developments in all affected locations.
"We are aware of the challenges our clients are facing in dealing with the current circumstances, particularly the catastrophic flooding, landslides, and other subsequent events that have resulted from the ongoing Covid-19 pandemic," he stated.
Source: The Edge Markets