KUALA LUMPUR: Public Bank has developed a loan repayment assistance programme for its customers who are unable to fully service their loans upon the expiry of the six-month loan moratorium on Sept 30.
It said on Monday the programme was for individual customers who lost their jobs or had their salaries reduced. The plan was also for SME customers who are experiencing cashflow issues due to the Covid-19 pandemic.
“The bank’s repayment assistance consists of various repayment packages which suit its customers’ financial conditions, ” it said.
Public Bank added it also has a digital platform where eligible customers can submit their applications to reschedule their repayment plans.
This platform, it said, was more simplified, efficient and effective application and approval process. Affected customers could start submitting from Aug 7.
As for customers who have lost their jobs in 2020 and are still unemployed, the bank will extend the loan moratorium for three months with effect from Oct 1,2020.
Public Bank managing director and CEO Tan Sri Tay Ah Lek said the Covid-19 pandemic has significantly impacted the economy.
“Public Bank understands that some customers may continue to face difficulties in cash flow due to the longer than anticipated impact of the pandemic, ” he said.
“The bank’s repayment assistance packages have been carefully structured, taking into consideration the temporary cash flow constraints of our customers.
“These packages will enable our customers to gradually readjust their financial positions over an extended period of time, ” he said.
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