PETALING JAYA: CIMB Bank Bhd and CIMB Islamic Bank Bhd have introduced the expanded Targeted Payment Assistance (TPA) programme to assist B40 and microenterprise borrowers until end-June 2021.
Under the expanded TPA programme, which opened for application effective yesterday (Nov 23), eligible borrowers will enjoy a deferment of monthly instalments for three months or a 50% reduction in monthly instalments for six months.
To qualify for the loan repayment assistance, B40 individuals must be registered under the Bantuan Sara Hidup (BSH) or Bantuan Prihatin Rakyat (BPR) cash handout programmes, with eligible facilities including home financing, personal financing, ASB financing, hire purchase and term financing converted from credit card balances.
“For married couples registered under BSH or BPR based on household income, both husband and wife would be eligible for the programme if they have financing with the bank, ” CIMB Group Holdings Bhd said in a statement.
In addition, microenterprises with sales turnover of less than RM300,000 per annum or less than five full-time employees, would be eligible for the loan assistance if they have any loan facility with an approved value of up to RM150,000.
M40 borrowers registered under Bantuan Prihatin Nasional (BPN), who have suffered reduced incomes due to the pandemic, may also apply for the existing targeted assistance programme.
Meanwhile, Malayan Banking Bhd (Maybank) has extended the application period for its loan or financing repayment assistance for B40 individuals and microenterprises until June 30,2021.
To be eligible for the targeted repayment assistance (TRA), Maybank said customers’ loans or financing must be approved before Oct 1 and are 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 installments or a 50% reduction in installment for six months for their loans or financing, ” it said.
It also added that other comprehensive packages are being offered by the bank, and all successful applications for the TRA would take effect from Dec 1,2020 to June 30,2021.
It said the application process has also been simplified for selected groups such as the B40, microenterprises and M40
“No documentation is required for B40 customers and microenterprises eligible for the TRA, while for M40 customers who are registered in the BPN database, they only need to provide a self-declaration for their repayment assistance application, ” it said.To-date, Maybank pointed out that it has processed over 90,000 repayment assistance applications received from customers and have approved all eligible applications.
“Of these approved applications, close to 45% have been granted a further deferment in the repayment of their loans and financing, ” it said.
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