UOB Malaysia extends Covid-19 Relief Assistance Programme for affected customers

UOB Malaysia chief executive officer Wong Kim Choong

KUALA LUMPUR: United Overseas Bank (M) Bhd (UOB Malaysia) has extended its Covid-19 Relief Assistance Programme for customers affected by the current Movement Control Order 3.0 (MCO 3.0).

In a statement, the bank said the relief assistance programme, which was established in March 2020, is being enhanced in line with the government's recent PEMERKASA+.

The relief assistance programme is now available to:

  • Individuals who have lost their jobs due to the pandemic;

  • Individuals whose income has been adversely impacted due to the pandemic;

  • Individual customers who are registered under the government’s Bantuan Sara Hidup (BSH), Bantuan Prihatin Rakyat (BPR) or Bantuan Prihatin Nasional (BPN) aid programmes;

  • Microenterprises with loan/financing facilities up to RM150,000;

  • Businesses, including micro, SMEs, that are not allowed to operate during the MCO 3.0 period; and

  • Other businesses that require financial support to overcome difficult circumstances during this period.

UOB Malaysia CEO Wong Kim Choong said the bank remains committed to supporting its customers in need of financial relief so that it can help safeguard their livelihoods.

“We will continue our efforts to tailor our relief assistance initiatives so that they are relevant to our customers’ specific circumstances.

“In helping our customers through these trying times, we will help them manage their financial situation and emerge stronger for the recovery to come,” he said.

UOB Malaysia said it is providing its customers with a range of repayment relief assistance options including a three-month repayment moratorium, reduced monthly repayment instalments by 50% for a period of six months and reduced monthly repayment instalments that commensurate with customers' reduced income for a period of six months.

It advised its customers whose sources of income are affected by the MCO 3.0 to contact the bank to assess their financial situation and to determine a repayment option that suits them.

It said all applications will be considered on a case-by-case basis. The acceptance of the repayment relief assistance during this period will not affect the customers’ Central Credit Reference Information System (CCRIS) report with Bank Negara.

As at May 28, UOB Malaysia received more than 13,000 applications for repayment relief, with an approval rate of 99%.

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