CIMB, Bank Rakyat loan moratorium application opens today

In a statement today, the CIMB Group said customers are also given alternative options to choose from, such as a 50 per cent reduction in instalments for six months on credit facilities such as mortgages, ASB loans/ financing and variable rate credit facilities.

"Customers can also opt for a three-month moratorium for hire purchase facilities.

"As for credit cards, customers can convert their outstanding balance into a three-year term loan/ financing with reduced interest/profit rates to help them better manage their debt," it said.

To ensure that customers are able to access the payment assistance programme easily and conveniently, CIMB said it has put in place a simplified and fully digital eForm which is available on CIMB's dedicated COVID-19 support page, https://www.cimb.com.my/covid19support.

"Customers may also opt-in via e-mail or phone. They may also visit bank branches to opt-in for the payment assistance programme or discuss other financial assistance," it said.

Meanwhile, Bank Rakyat is also offering a six-month loan moratorium to its customers beginning today, in line with the National Well-Being and Economic Recovery Package (PEMULIH) announced by Prime Minister Tan Sri Muhyiddin Yassin on June 28.

Chief executive officer Datuk Syed Abdul Aziz Syed Hassan said the offer is open to all of the bank's individual, microenterprise and affected SME customers without the need for any documents, and the approval will be automatic.

"Apart from that, their credit information record (CCRIS) will also not be affected if they opt for the moratorium," he added.

However, Bank Rakyat's automatic moratorium is offered only to loans approved before July 1 and not overdue for more than 90 days prior to the date of the moratorium application to the bank.