KUALA LUMPUR: Public Bank Bhd’s targeted repayment assistance programme has assisted over 160, 000 customers with relief assistance amounting about RM40bil during the Covid-19 pandemic.
Its managing director and CEO Tan Sri Tay Ah Lek said on Monday the approval rate was close to 100% of total customers’ submissions.
“Public Bank’s proactive efforts in extending its financial help, coupled with the government and Bank Negara Malaysia’s significant initiatives to revive the economy, have helped many customers to gradually regain their financial strength.
“Currently, more than 90% of Public Bank’s customers are paying their monthly loan instalment, ” he said.
Tay had reaffirmed Public Bank’s its full commitment to the programme to support all customers who face loan repayment difficulty due to the Movement Control Order (MCO) and the effect of the pandemic.
The programme, launched in August 2020, comprises a full suite of extremely flexible and comprehensive repayment packages.
These flexible repayment packages are made available for all segments of individual customers as well as microenterprises and SMEs, with various assistance in the form of deferment or reduction of monthly instalment payment.
Public Bank had also developed a digital platform to enable a full straight-through online process on customers’ applications for the repayment assistance.
However, Tay said due to constantly high number of Covid-19 cases and the recent MCO may have posed renewed challenges to people’s livelihood.
Many small businesses are also encountering a difficult period of financial constraint.
“While the bank is mindful that the MCO is necessary to protect the safety and health of the people, the bank will continue to play its part and remain fully committed to provide immediate assistance for customers who need financial help.
“The bank assures its customers that it will continue to make available its flexible repayment assistance packages for customers to opt for the repayment option that best suit their financial condition, ” he said.
For the B40 segment, individual customers who have lost their jobs as well as SMEs/ microenterprises that are not allowed to operate during the MCO, Public Bank is offering a loan deferment for three months, or a 50% reduction in the monthly instalment payment for six months.
Further, for individual customers who encounter a reduction in income, be it B40, M40 or T20, as well as SMEs and microenterprises, Public Bank will continue to provide different options of repayment packages allowing customers to make lower monthly repayment that commensurate with their income reduction.
To cater to the needs of the Bank’s varying customer base with different financial conditions, Public Bank has customised its repayment packages with accommodative monthly instalment reduction.
Affected customers who face significant financial difficulties are offered a reduction of up to 75% of their existing monthly instalment under these flexible packages. Customers may also propose any other reschedule or restructure arrangement that suit their financial needs.
Public Bank’s customers who wish to opt for financial assistance will only need to reach out to the Bank and indicate their option of restructured repayment. All opt-in submissions will be based on customer’s self declaration and no document is required.