CIMB commits to providing easy and convenient access to moratorium assistance for all individual, microenterprise and affected SME customers

7 July 2021

Customers are only required to opt-in for the payment assistance and approvals will be given automatically.

Kuala Lumpur: CIMB Bank Berhad and CIMB Islamic Bank Berhad (“CIMB” or “the Bank”) announced today that all individual (B40, M40 and T20), microenterprise and affected small and medium enterprise (“SME”) customers can now opt-in for a 6-month moratorium with approvals given automatically to alleviate their cash flow burdens during the Movement Control Order (“MCO”) due to the COVID-19 pandemic.

Customers are also given alternative options to choose from, such as 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 3-month moratorium for hire purchase facilities while for credit cards, customers can convert their outstanding balance into a 3-year term loan/ financing with reduced interest/profit rates to help them better manage their debt.

In order to ensure that customers are able to access the payment assistance programme easily and conveniently, CIMB 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. The page outlines the payment assistance options that are available in a simplified manner where customers are only required to choose their preferred option in order to activate the process.

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. They are advised to check CIMB’s website for the latest information on operating hours which have been limited in view of the ongoing MCO. However, customers are strongly urged to use the digital e-form or reach out to CIMB using 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.

Customers can be assured 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.

This payment assistance programme is in line with the recent PEMULIH aid package announced by the Malaysian Government on 28 June 2021. The payment assistance programme is applicable to all loans/financing approved on or before 30 June 2021 and are not in arrears for more than 90 days as at the submission date. Under this programme, the following groups are eligible:-

1.     All individuals (including all B40, M40 and T20)

2.     All microenterprises

3.     All SMEs whose business are affected by the pandemic

In addition to the payment assistance programme, CIMB would like to reiterate that other financial assistance packages are also available, including rescheduling and restructuring loans/financing to suit the specific financial circumstances of its customers.

Dato’ Abdul Rahman Ahmad, Group Chief Executive Officer of CIMB Group, said, “CIMB understands and empathises with our customers during this extremely difficult period. We would like to reassure our customers that CIMB is committed to providing them with assistance as we continue to face the prolonged challenges of the pandemic. By making access to the payment assistance easy and convenient for our customers, we hope to quickly help ease the financial burdens of our customers and provide breathing space for them to focus on rebuilding their livelihoods and ensure the well-being of their families and loved ones.”

The Bank will strive to process all requests for the payment assistance programme as quickly as possible. However, given the possible large volume of requests and the lockdown constraints on working protocols that all banks are operating under, there may be some initial operational challenges. Customers can nevertheless be assured that the Bank will address all issues on a timely basis.

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. Customers can also be assured that any financial assistance taken will not impact their CCRIS (“Central Credit Reference Information System”) status.

As of early-July this year, CIMB has provided financial payment relief assistance to around 223,000 individual and SME customers, amounting to more than RM28 billion, with an approval rate of virtually 100%.

For further details and assistance, customers can call CIMB’s Contact Centre at +603 6204 7788 or email covidcare@cimb.com. 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, please visit https://www.cimb.com.my/covid19support.