KUALA LUMPUR: CIMB Bank Bhd and CIMB Islamic Bank Bhd have announced that their customers may opt in for the six-month moratorium to be given automatically.
Individuals, micro enterprises and affected small and medium enterprises (SMEs) are eligible for the moratorium.
In a statement, the banking group said customers are also given an alternative of a 50% reduction in instalments for six months on credit facilities such as mortgages, ASB loans/ financing and variable rate credit facilities.
Customers can also opt for a three-month moratorium for hire purchase facilities while for credit cards, they are allowed to convert their outstanding balance into a three-year term loan/financing with reduced interest/profit rates.
CIMB said to ensure that customers are able to access the payment assistance programme, the bank has put in place a simplified and fully-digital eForm which is available on CIMB’s dedicated Covid-19 support page, https://www.cimb.com.my/covid19support.
Customers may also opt in via e-mail or phone. Bank branches are also available for customers to opt in for the payment assistance programme or discuss other financial assistance.
CIMB strongly urged its customers to use the digital e-form or use its digital channels given the current Covid-19 movement restrictions.
“To speed up the process, CIMB has already started to proactively reach out to a pre-selected group of individual customers, who may require assistance.
“This was done via an SMS stating the link to enable them to opt in for the payment assistance programme in an easy and convenient manner, ” it said.
CIMB assured its customers that approvals are given automatically and no documentation is required upfront.
“However, hire purchase customers are required to sign a variation agreement with their guarantor, if any, before the payment assistance can be activated.
“Once customers have opted in, the bank will contact them to make the necessary arrangements on the variation agreement.
“By default, the moratorium will come into effect in the month following the opt-in request. Customers can also contact the bank if they would like the moratorium to be activated within the same month, ” it said.
CIMB will not charge interest on interest, or profit on profit (i.e. compounding interest/profit), or any penalty interest/late charges during the period of assistance.