KUALA LUMPUR (June 14): Citi Malaysia said it will continue to offer the option to choose the repayment assistance for customers impacted by Covid-19 that best suits their financial needs.
In a statement today, the bank said this is in line with the targeted repayment assistance announced recently by the Association of Banks in Malaysia that offers a loan deferment for a period of three months or a 50% reduction in the monthly instalment payments for six months.
Citi Malaysia said individual customers who have lost their employment, B40 borrowers who are registered under the Bantuan Sara Hidup and Bantuan Prihatin Rakyat, microenterprises with loan facilities of not more than RM150,000, as well as small and medium enterprise (SME) customers not on the list of permitted sectors allowed to operate can opt for this specific repayment assistance.
Meanwhile, M40 and T20 customers who are still employed but have had their income affected will continue to be offered repayment assistance options as well, and these include a reduction in monthly instalments for a period of six months.
Citi Malaysia said enhancement to the extension of assistance to the affected customers and enterprises includes greater simplification to the application process and the option of choice to all who meet the selected criteria.
In addition, the bank will also continue to offer all other customers its existing financial assistance packages including rescheduling and restructuring of loans on a case-by-case basis.
Citi Malaysia chief executive officer Usman Ahmed said: "The financial well-being of our customers is a priority, especially for those unable to meet their financial obligations. We are actively engaged with them to assess immediate needs in the short term, offer them the financial relief which they need while supporting them in building a sustainable financial future for the long term."
"Whilst we focus on the customer experience and seek solutions to help customers through this difficult time, we have an equal responsibility in the financial sector to mitigate risks, ensure we have a resilient financial system and contribute to the country's economic well-being. Given that the pandemic situation has evolved from the first outbreak last year and there are vaccines available globally today, financial support in most markets today is centered on a more targeted repayment approach so that assistance is extended to those adversely impacted," he added.
Source: https://www.theedgemarkets.com/article/citi-malaysia-offers-loan-repayment-assistance-targeted-customers-smes-impacted-covid19