Maybank Continues Offering Repayment Aid for Customers and SMEs

Maybank will continue to support and assist its customers hit by the Movement Control Order (MCO) and the effects of the Covid-19 pandemic.

In a statement, Maybank group president & CEO Datuk Abdul Farid Alias stated the bank understands the struggles of its customers affected by the current MCO and the pandemic will face problems in meeting their repayment obligations.

Maybank said they are providing Repayment Assistance packages, which were available since last year. The bank also includes other aids such as loan repayment deferment or moratorium and the monthly instalment payment reduction.

The CEO assured the affected customers that they would continue to be given access to the assistance they need to ease their burdens and get them through these challenging times.

He said as of March 2021, about 4.7% of the labour force are unemployed. There are also many people whose incomes have been cut because of the reduction in working hours or compensation.

Maybank's Repayment Assistance packages

He said that many companies, particularly SMEs, are struggling as some cannot operate due to the MCO. He added that even though the MCO is necessary, Maybank sympathises with all those affected and has made many Repayment Assistance options available to help them overcome their struggles.

Here are Maybank's Repayment Assistance packages:

1. Loan deferment.

A moratorium for three months or a 50% reduction in the monthly instalment payment for six months.

Borrowers will only need to self-declare and do not need to present any documents.

Those who fulfil the below criteria and wish to apply for this Repayment Assistance scheme will only need to contact the bank to indicate which option they prefer:

All individual B40 customers who have signed up under the Bantuan Sara Hidup or Bantuan Prihatin Rakyat programme.
Customers from any income segment who have lost their jobs because of the MCO or pandemic.
Microenterprises with loan facilities of not more than RM150,000.
SMEs which are not allowed to operate during the MCO with full lockdown. (Specifically, those who are not on the list of permitted sectors issued by the National Security Council)

2. Reduction in monthly instalment repayment

These are the requirements for those who require a commensurate reduction in monthly instalments repayment:

Any individual customer, regardless if they are B40, M40 or T20, or
Other microenterprises or SMEs that have experienced a reduction in income, including household income for individuals.

3. Other types of Repayment Assistance

Other borrowers who are not a part of the above categories but may be facing financial challenges during the MCO may also contact the bank for alternative Repayment Assistance packages to help them get through this period.

How to apply

Eligible customers who wish to choose their Repayment Assistance option can contact Maybank via these channels:

Maybank2u Covid-19 Repayment Assistance page. Click on the "Send email" button (for individual and SME customers) to submit your option. Applicants must fill in the required information before sending the email.
Call Maybank Customer Care Hotline at 1-300-88-6688 (Malaysia) or 03-78443696 (overseas) and press *1 for "Repayment Assistance".

Maybank's assistance for customers

From September 2020 until early May 2021, Maybank has processed more than 200,000 Repayment Assistance applications and approved all eligible applications processed, totalling RM32 billion.

Maybank granted about 37% of all approved applications a further deferment in their loan repayment and moratorium. The bank had also granted the remaining customers lower instalment payments for an agreed duration.

Other than Repayment Assistance, Maybank continues to make various financing solutions available to individuals and businesses.

Source: The Star

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