(Article updated on 23 March 2020 to include UOB.)
Several Malaysian banks have expanded their ongoing financial assistance programmes for customers to help them ride out the adverse economic effects of a worsening Covid-19 pandemic situation within the country. Some non-banking institutions, too, have come forward to offer payment deferments.
These come as many individuals and businesses face even bigger financial uncertainties after the Malaysian government imposed a two-week movement restriction order that started from 18 March 2020. As such, these Malaysian banks hope to lighten their customers’ financial burden in this period of difficulty.
This sentiment is echoed by the Association of Banks Malaysia. “Concerted efforts by our member banks are underway to ensure that bank customers are able to weather through this trying time and ensure business continuity,” it said in a statement.
Many of these relief facilities – particularly those by the banks – have already been on offer since early February 2020. Many business owners had begun facing challenges since then, due to the travel and logistical restrictions imposed in China where the Covid-19 pandemic first started.
All assistance provided will be reviewed and determined on a case-by-case basis.
Banking Institutions
Affin Bank & Affin Islamic Bank
- Restructuring and rescheduling of installment repayments
- Moratorium of up to six months
- For more information, visit www.affinbank.com.my or www.affinislamic.com.my, or email directly to respective business divisions of the bank:
- Consumer Banking: cod.support@affinbank.com.my
- SME Banking: smecare@affinbank.com.my
- Corporate Banking: corpbank.enquiry@affinbank.com.my
(Source: Affin Bank)
Agrobank
- Temporary relief measures to be offered based on business needs; it will be determined on a case-by-case basis.
- For more information, call the bank’s customer contact centre at 1-300-88-2476 or visit the nearest branch.
(Source: The Star)
Alliance Islamic Bank
- Rescheduling and restructuring of installment repayments
- Deferment of financing servicing for up to six months
- Waiver of late charges for financing
- For more information, call the bank at 03-55169988 or visit the nearest branch.
(Source: Alliance Islamic Bank)
AmBank
- Temporary deferment of loan repayments or restructuring of installment repayments
- For more information, call the bank at 03-2178 8888, email customercare@ambankgroup.com, or visit the nearest branch.
(Source: AmBank)
Bank Islam
- Rescheduling and restructuring of installment repayments
- Moratorium for financing repayments of up to six months
- For more information, call the bank at 03-26900900 or visit the nearest branch.
(Source: Malay Mail)
Bank Muamalat
- Moratorium of up to six months for monthly installment repayments available until 31 July 2020.
- For more information, call the bank at 1-300-88-8787 or visit the nearest branch.
(Source: Astro Awani)
Bank Rakyat
- Temporary deferment of loan repayments or restructuring of installment repayments
- For more information, call the tele-Rakyat Contact Centre at 1-300-80-5454 or visit the nearest branch.
(Source: The Star)
Bank Simpanan Nasional (BSN)
- Temporary deferment of loan repayments or restructuring of installment repayments
- For more information, call the BSN Customer Contact Centre at 1-300-88-1900 or visit the nearest BSN branch.
(Source: Bernama)
CIMB Bank & CIMB Islamic Bank
- Restructuring/rescheduling of installment repayments
- Moratorium of up to six months
- For more information, call the bank at 03-62047788 or reach out to your nearest CIMB branch officers or relationship managers.
(Source: The Star)
Hong Leong Bank & Hong Leong Islamic Bank
- Moratorium of up to six months or restructuring/rescheduling of installment repayments
- For more information, call the bank at 603-7626 8899 or email Hlonline@hlbb.hongleong.com.my
(Source: Bernama)
HSBC Bank & HSBC Amanah Malaysia Berhad
- Rescheduling and restructuring of installment repayments
- Moratorium of up to six months for loans, mortgages, credit cards, as well as retail business banking and commercial banking
- Repayment flexibility with extension of trade loans/financing payment period for 30 days for commercial banking and global banking customers
- Pre-approved 30-day extension of trade loans/financing maturing between 18 and 31 March 2020 without additional fee or penalty rate
- For more information, call the bank at 1300-88-2626 or visit the nearest branch.
(Source: The Star)
Maybank & Maybank Islamic
- Moratorium of up to six months or restructuring/ rescheduling of installment repayments
- For more information, visit www.maybank2u.com.my or reach out to your nearest Maybank branch officers or relationship managers.
(Source: The Star)
MBSB Bank
- Rescheduling and restructuring of installment repayments for corporate and SME clients
- Moratorium of up to six months for retail customers
- For more information, call the bank at 03-20963000 or visit the nearest branch.
(Source: Bernama)
OCBC Bank & OCBC Al-Amin Bank
- Relevant financial assistance to be provided to business and individual customers on a case-to-case basis; affected customers are requested to engage with officers-in-charge.
- For more information, call the bank at 03-83149310 or visit the nearest branch.
(Source: OCBC)
Public Bank & Public Islamic Bank
- Moratorium of up to six months or restructuring/rescheduling of installment repayments
- For more information, call the bank at 1800-22-5555 or visit the branch where you maintain your account.
(Source: The Star)
RHB Bank & RHB Islamic Bank
- Moratorium of up to six months or restructuring/rescheduling of installment repayments
- For more information, call the bank at 03-9206 8118, visit the nearest branch, or approach any relationship managers for assistance.
(Source: The Star)
SME Bank
- Temporary deferment of loan repayments or restructuring of installment repayments
- For more information, call the bank at 03-2603 7700 or visit the nearest BSN branch.
(Source: SME Bank)
UOB Bank
- For conventional and Islamic banking corporate clients:
- Moratorium for up to one year
- Flexibility to request extension of trade bills maturing between 18 March to 31 March 2020 for clients with good records
- Review to grant additional facilities based on clients’ financing needs for those who need access to additional financing
- For individual customers:
- Rescheduling and restructuring of mortgages, personal loans, and credit card repayments
- Moratorium up to six months on personal loans, mortgages, and credit cards
- Interest-only repayments or payment holiday of up to six months on credit card repayments
*Special Relief Facility by Bank Negara Malaysia (BNM)
Affected small and medium-sized enterprises (SMEs) can tap into a special relief facility provided by Bank Negara Malaysia (BNM). Allocated through the Economic Stimulus Package 2020, the facility is worth a total value of RM2 billion and will be provided as a form of working capital for SMEs impacted by the Covid-19 pandemic.
Each SME is allowed to borrow up to RM1 million, with an interest rate of up to 3.75% per annum. No guarantee and legal fees will be imposed, and you will not require a collateral either. The maximum financing tenure is set at five and a half years, including a moratorium of 6 months on both principal and interest payments.
Note that only SMEs with at least 51% of their shares held by Malaysians are eligible for this facility.
Non-Banking Institutions
Lembaga Hasil Dalam Negeri (LHDN)
- Deadline for income tax filing is extended by two months to facilitate the submission of tax returns affected by the movement control order.
- New deadlines:
- Resident individuals who do not carry on a business: 30 June 2020
- Resident individuals who carry on a business: 30 August 2020
- For more information, you can make enquiries via the Hasil Care Line at 03-8911 1000 or +603-8911 1100 (abroad).
Majlis Amanah Rakyat (MARA)
- Application for deferment of loan repayments for students and entrepreneurs available:
- 3-month deferment for MARA students, including borrowers of the Advanced Education Loan facility. This is provided they do not have outstanding debts for three months.
- 6-month deferment for entrepreneurs, provided they do not have outstanding debts for more than two months.
- 30% discount on the lease of MARA business premises given to all entrepreneurs, although this is subject to terms and conditions.
- For more information, visit www.mara.gov.my or call the MARA Call Centre at 03-2613 2000.
(Source: Malay Mail)
Perbadanan Tabung Pendidikan Tinggi Nasional (PTPTN)
- Deferment of loan repayments until 30 June 2020
- For more information, call PTPTN’s Careline at 03-2193 3000 (Monday to Friday, 9 a.m. to 5 p.m.) or visit www.ptptn.gov.my
(Source: Malay Mail)
Tabung Ekonomi Kumpulan Usaha Niaga Nasional (TEKUN Nasional)
- Moratorium of up to six months (can only be applied online)
- For more information, contact TEKUN Nasional through its official social media (Facebook, Twitter) or feedback system.
(Source: Free Malaysia Today)