22 November 2021
URUS is a banking industry-wide scheme with AKPK that provides affected B50 borrowers with a comprehensive financial programme including interest exemption, reduced instalments and financial guidance.
Kuala Lumpur: CIMB Bank Berhad and CIMB Islamic Bank Berhad (“CIMB” or “the Bank”) announced today that individual borrowers from the Bottom 50 (“B50”) segment who have been adversely impacted by COVID-19 are able to seek financial assistance through the Financial Management and Resilience Programme (“URUS” or “the Programme”). CIMB B50 borrowers who are eligible can apply for URUS through the Bank from 15 November 2021 until 31 January 2022.
A collaboration between the banking industry and Agensi Kaunseling dan Pengurusan Kredit (“AKPK”) which was announced on 13 October 2021, URUS is an industry-wide assistance programme that offers affected B50 borrowers with repayment assistance and development support such as personalised financial plans and financial education. Under the URUS programme, eligible affected borrowers will be provided the following repayment assistance options:
- an interest / profit waiver for a period of 3 months, commencing the month following the borrowers’ onboarding into the scheme; or
- a 3-month interest / profit waiver together with reduced instalments for a period of up to 24 months in total. During this period, borrowers with unsecured personal loans/financing and credit cards may also benefit from reduced interest /profit rates to help alleviate their financial burden.
Dato’ Abdul Rahman Ahmad, Group Chief Executive Officer of CIMB Group, said “CIMB recognises that many Malaysians are still facing hardship during this prolonged pandemic environment. The banking industry, including CIMB, is pleased to collaborate with AKPK on a comprehensive financial support programme that is specially tailored to the most vulnerable borrowers segment. CIMB remains committed to help our borrowers overcome their financial burdens caused by the pandemic and transition into a recovery phase in a holistic manner, in order to promote their long-term financial resilience.”
To qualify for URUS, eligible B50 borrowers must be currently undergoing an existing repayment assistance programme as at 30 September 2021 (e.g. CIMB Payment Assistance Programme, Targeted Assistance Programme and Expanded Targeted Payment Assistance programme) and meet all of the following criteria:
- Are from the B50 income segment. i.e. borrowers with a gross household income of RM5,880 or lower, based on the definition by the Department of Statistics of Malaysia (DOSM). Evidence of household income will be required for borrowers who are not registered recipients of Bantuan Sara Hidup (BSH) or Bantuan Prihatin Rakyat (BPR); and
- Have experienced either loss of employment; or reduction of income of at least 50%; and
- Whose loan/financing is still performing (not in arrears exceeding 90 days) as at the date of their application.
For borrowers’ convenience, a fully digital eForm has been made available on CIMB’s dedicated COVID-19 support page, https://www.cimb.com.my/covid19support. Applicants will be required to produce basic documentations to verify their current income and employment status. The Bank will then verify their eligibility and submit their applications to AKPK for acceptance and finalisation of their personalised financial plan. Subsequently, AKPK will reach out directly to borrowers on the status of their applications with the exception of Auto Financing where CIMB will be in touch with borrowers.
For other affected borrowers who do not fall within the eligibility criteria of URUS, CIMB would urge them to contact the Bank for further discussions on a customised rescheduling and restructuring repayment arrangement.
As of early November 2021, CIMB has processed around 520,000 financial payment relief assistance applications for individual, SME and business banking borrowers, amounting to RM92 billion in total gross loan value. This assistance has an approval rate of virtually 100% and includes the current Payment Assistance Programme, Targeted Assistance Programme and Expanded Targeted Payment Assistance programme offered to borrowers in 2020, but excludes the blanket moratorium in March 2020.
For further details and assistance, customers can call CIMB’s Contact Centre at +603 6204 7788 or email firstname.lastname@example.org. SMEs can call CIMB’s Business Call Centre at 1300 888 828 (Local) and +603 2297 3000 (Overseas) from Monday to Friday from 7.00am to 7.00pm and Saturday from 8.00am to 5.00pm (excluding public holidays) or visit http://www.cimb.com.my/frap. Non-SMEs and corporate customers may also contact their CIMB Relationship Manager to discuss financing options.
For more information or to apply, please visit https://www.cimb.com.my/covid19support.