Maybank offers convenient channels to opt in for six-month moratorium

In a statement today, the bank said it also offers an additional repayment assistance (RA) option of a 50 per cent reduction in monthly instalments for six months for customers who prefer to have an alternative besides the moratorium.

The bank has requested the customers to apply for the plan via the Maybank2u COVID-19 Repayment Assistance page at www.maybank2u.com.my/covid19 or request online via Maybank2u (available from July 20, 2021).

"The moratorium on the monthly instalment or RA plan covers all loans and financing, excluding credit cards, and is applicable for individuals including the bottom 40 per cent income (B40), middle 40 per cent (M40) and top 20 per cent (T20) customers; all microenterprises; and all small and medium enterprises that have been affected by the COVID-19 pandemic," it said.

For credit card facilities excluding charge cards, Maybank will offer to convert the outstanding balances into a three-year term loan with reduced interest rates for borrowers to better manage their financial obligations.

It also assured that customers opting in for the moratorium or RA that their Central Credit Reference Information System (CCRIS) records will remain unaffected and do not have to worry about the impact on their credit profile.

Maybank said the plan is applicable for loans or financing approved on or before June 30, 2021, and which were not overdue for over 90 days on the date the request was submitted to the bank.