CIMB has urged customers in need of further financial assistance to contact the bank as soon as possible before the six-month automatic loan moratorium ends on Wednesday.
In a statement today, the bank said it had started sending letters, SMS notifications and emails, reminding of the commencement of payments in October, to all borrowers who have yet to contact the bank.
“Borrowers applying for financial relief or accepting the restructuring and rescheduling (R&R) offer, will not have their Central Credit Reference Information System status affected,” it said.
Since early August, the bank has proactively engaged 380,000 individuals and 10,000 small and medium enterprises (SMEs) who were potentially most affected by the impact of the COVID-19 pandemic.
“Since then, CIMB has approved nearly RM7 billion worth of CIMB’s targeted assistance programme (TAP) and other payment assistance for over 40,000 individual customers, with an approval rate of close to 100 per cent.
“CIMB has also approved over RM2.5 billion worth of CIMB’s TAP for SMEs, close to RM700 million under Bank Negara Malaysia’s (BNM) Special Relief Facility and an additional relief facility of nearly RM400 million on our own while fully committed to supporting the government’s RM1 billion PENJANA (National Economic Recovery Plan) financing scheme for SMEs,” the bank said.
Affected customers who have yet to approach the bank should contact CIMB or visit any branch or auto finance centre to enquire about relief options, including the R&R offer.
SME customers may visit https://www.cimb.com.my/frap for available relief measures.
Meanwhile, SME Bank in a separate statement said it is offering targeted extension on moratorium and assistance to almost all eligible customers through the SME Relief Programme (SRP), announced in August 2020.
Entrepreneur Development and Cooperatives Minister Datuk Seri Dr Wan Junaidi Tuanku Jaafar said the programme involved 3,090 customers with financing value amounting to over RM4.8 billion, targeting customers from five SME sectors and the micro and small categories, namely tourism, education, public transport, health, and petrol stations.
“With assistance such as the SRP programme, we can achieve stability in the entrepreneurship ecosystem, restoring business operations in the immediate term and ensuring entrepreneurs remain competitive and resilient after being hit by the COVID-19 pandemic,” he said in the statement.
SME Bank group president and chief executive officer Aria Putera Ismail said the programme offers 12 months’ extension to the existing financing with 66 per cent of customers having received the moratorium extension package up to 12 months and 15 per cent received a six-month profit servicing package.
“The remaining customers are provided with the rescheduling of their financing,” he added.
The SRP programme begins after BNM’s automatic moratorium period ends on Wednesday.
Source: https://themalaysianreserve.com/2020/09/28/cimb-urges-customers-to-call-bank-for-financial-assistance-before-moratorium-ends/