OCBC offers enhanced targeted repayment assistance for borrowers

  • Banking
  • Monday, 23 Nov 2020

KUALA LUMPUR: Starting today, B40, M40 and microenterprise customers of OCBC Bank (M) Bhd and OCBC Al-Amin Bank Bhd may apply online at www.ocbc.com.my for the enhanced targeted repayment assistance plans announced earlier by the Finance Minister.

In a statement, OCBC Bank said the applications may be made using a simplified online application process that takes a matter of minutes to fill and submit.

The bank said the enhancements to the assistance plans involved B40 customers who are recipients of Bantuan Sara Hidup (BSH)/Bantuan Prihatin Rakyat (BPR), M40 customers on Bantuan Prihatin Nasional (BPN), and microenterprises with loans or financing where the original facility amount is up to RM150,000.

Under the enhanced targeted repayment assistance programme, eligible B40 customers may opt for a 3-month deferment of instalments or a 6-month reduction in instalments by 50% by applying online without the need to furnish any documentation.

M40 group customers who wish to apply for a 6-month reduction in instalments by 50% also do not need to furnish any documents; however, a self-declaration will be required.

OCBC said those in the M40 group requiring the existing extension packages or wish to apply for more than six months of 50% reductions in instalments will continue to need to furnish the relevant documents.

OCBC Bank CEO Datuk Ong Eng Bin reminded those who are affected not to hesitate to come forward to seek assistance as the spirit of the plan is to ensure no one gets left behind.

“Like before, those affected by the pandemic and need assistance should not hesitate to approach us immediately for assistance. We are mindful of the harsh effects of the pandemic on both individuals and businesses these past few months and are ready to offer the necessary help to those in need.

“That said, as at the end of October 2020, I am pleased to note that more than 90% of our SME and home loan customers who participated in the earlier 6-month automatic moratorium programme have resumed their original repayments, electing to forgo our offer of extension plans. While these are positive signs surrounding the majority of our customers, our focus is on assisting the minority that remains badly affected,” he said.

The targeted repayment assistance programme runs from Dec 1, 2020 until June 30, 2021. Only loans that were approved before Oct 1, 2020 and are not in arrears exceeding 90 days as at date of request by the borrower are eligible for the enhanced targeted repayment assistance.

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OCBC , OCBC Al-Amin , B40 , M40


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