Maybank: Over 99% of applications processed for repayment aid approved

Maybank’s group CEO of community financial services, Datuk John Chong said the repayment assistance packages include additional months’ deferment of loan or financing repayments for those recently unemployed as a result of the Covid-19 pandemic.

KUALA LUMPUR: More than 99% of applications for repayment assistance which have been processed by Malayan Banking Bhd as at Oct 15 have been approved, it said.

In a statement on Tuesday, the bank said these comprise applications by both individuals and SME customers who are seeking additional financial support following the end of the six-month blanket loan moratorium on Sept 30.

Of these approved applications, some 38% have been granted a further moratorium on the repayment of their loans/financing.

Maybank’s group CEO of community financial services, Datuk John Chong said the bank has processed some 81,000 applications from these two categories of customers.

He said the bank was also processing more applications due to the last minute rush from those who submitted after Oct 1.

“Maybank is ever ready to continue supporting our customers and those who need assistance can still contact us to discuss repayment packages to suit their current financial needs, ” Chong said.

The repayment assistance packages include additional months’ deferment of loan or financing repayments for those recently unemployed as a result of the Covid-19 pandemic.

Chong also said over 85% of the Maybank’s retail customer base have continued to service their loans/financing as usual from Oct 1.

“We will continue to engage with those facing challenges to assist them with appropriate solutions, ” he added.

Apart from repayment help, Maybank continued to offer financing solutions to its various customer segments, including SMEs and micro-SMEs seeking to sustain and grow their businesses.

He cited the recently launched SME Digital Financing – a digital financing solution with approval as fast as 10 minutes and offering an end-to-end digital experience, with full straight-through processing (STP), from application to approval and disbursement.

With this solution, SMEs can apply for financing online via Maybank2U or Maybank2U Biz platforms 24 by 7, without having to visit a branch. The application process is hassle-free requiring minimal information and no documentation for existing customers.