Maybank extends repayment assistance until June 30

  • Banking
  • Monday, 23 Nov 2020

To-date, Maybank has processed over 90,000 repayment assistance applications received from customers and have approved all eligible applications processed.

KUALA LUMPUR: Malayan Banking Bhd has extended the application period for loan/financing repayment assistance for individual and Small and Medium Enterprise (SME) customers, affected by the Covid-19 pandemic, until June 30 next year.

The bank said in a statement on Monday customers who required financial assistance could contact the bank to work out the most suitable repayment assistance package.

To-date, Maybank has processed over 90,000 repayment assistance applications received from customers and have approved all eligible applications processed.

Of these approved applications, the bank had allowed close to 45% a further deferment in the repayment of their loans and financing.

“To complement its existing repayment assistance packages, Maybank is also offering targeted repayment assistance (TRA) to eligible B40 individual and microenterprise customers starting today, up to June 30,2021, ” it said.

The eligibility criteria of the TRA are as follows:

i. B40 individuals who are recipients of Bantuan Sara Hidup (BSH) or Bantuan Prihatin Rakyat (BPR)

ii. Microenterprises with approved loan or financing amount of up to RM150,000 per facility and meets either one of the criteria below:

a. Sales turnover less than RM300,000 per annum or

b. Have less than five full-time employees

Maybank said to be eligible for TRA, customers’ loans or financing must also be approved before Oct 1 2020 and not in arrears for more than 90 days at the point of application.

Customers who apply for the TRA can opt for a three-month deferment of instalments or a 50% reduction in instalment for 6 months for their loans or financing. All successful applications for TRA will take effect from Dec 1 to June 30, next year.

It also said applications for both repayment assistance and the new targeted repayment assistance packages could be done by

a. Apply via email to (for individual customers) or (for SME customers), providing name, IC no, contact number and type of loan (e.g. mortgage, hire purchase (HP), term loan financing). For applicants with HP loans, they have to state the vehicle number also.

b. Visit or call any of its branches, SME Centres or Auto Finance Centres (whichever is relevant) nationwide

c. Call the Maybank group customer care hotline at 1-300-88-6688 and press *1 for repayment assistance; or

d. Apply online via Maybank2u (for individuals and sole proprietors) or Maybank2u Biz (for microenterprises and SMEs) – available starting Dec 5.

In addition, the application process has also been simplified for selected groups. For B40 customers and Microenterprises eligible for the TRA, no documentation is required while M40 customers, registered in the Bantuan Prihatin Nasional database, only need a self-declaration for their Repayment Assistance application.

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