KUALA LUMPUR (July 7): Banks have started taking applications for the six-month loan moratorium today.

This is in line with the Pakej Perlindungan Rakyat dan Pemulihan Ekonomi (PEMULIH) stimulus package.

The applications can be made by individuals, microenterprises, as well as small and medium enterprises (SMEs) affected by the pandemic.

Bank Negara Malaysia has assured that the approvals will be given automatically and the opt-in for the moratorium will be easy with no need for supporting documentation.

The central bank also gave assurance that approvals will be given automatically. 

The banking regulator had also noted in a July 6 statement that opting for repayment assistance will increase the overall cost of borrowing, as interest/profit will continue to accrue on deferred payments.

It added that borrowers' Central Credit Reference Information System (CCRIS) records will not be affected by any form of repayment assistance received in 2021.

Here are the banks that are offering the opt-ins and the how-to guide:

RHB Banking Group

RHB Banking Group will provide customers with a choice between a six-month deferment of instalments on loan/financing facilities and a 50% reduction in instalments for six months under the PEMULIH package.

The PEMULIH Repayment/Payment Assistance programme applies to all individual borrowers, microenterprises, as well as SMEs that have been affected by the Covid-19 pandemic.

This is applicable to loan/financing facilities approved before July 1, 2021 and are not in arrears for more than 90 days on the date the application is submitted. No supporting documents are required upfront for the processing of applications.

Customers who wish to apply only need to submit their request through the RHB e-Form available on RHB’s corporate website, or respond to two-way SMS messages that are being sent to them.

“To make it even easier for our individual customers, we are sending out special two-way SMS messages inviting them to apply for the PEMULIH Repayment/Payment Assistance programme. Customers only need to read the terms and conditions, and thereafter respond to the SMS message to apply. Emails will also be sent to our microenterprise and SME customers with links to simple e-forms to facilitate their application process,” said RHB group managing director and group CEO Datuk Khairussaleh Ramli in a statement today.

As of June 30, 2021, RHB has extended in total approximately RM34.4 billion in various forms of payment assistance to retail and SME customers, benefitting more than 240,000 individuals and more than 4,700 SME businesses since the beginning of the Covid-19 pandemic.

OCBC Bank (Malaysia) Bhd

OCBC Bank (Malaysia) Bhd (OCBC Bank), together with its Islamic banking subsidiary OCBC Al-Amin Bank Bhd (OCBC Al-Amin), today commenced the moratorium sign-up exercise for its individual, microenterprise and SME customers under the PEMULIH package.

All individual, microenterprise and SME customers may now sign up online or at the bank’s branches for either a six-month deferment of instalments or 50% reduction in instalments for six months.

To opt in for the programme, OCBC customers may apply online using the bank’s simplified application process.

OCBC CEO Datuk Ong Eng Bin said the bank is committed to supporting every customer who has been adversely affected by the pandemic and MCO.

“We encourage those who find themselves needing the latest breathing spaces to take full advantage of the two repayment assistance options by signing up via our simple and convenient online channels. We will get back to you as quickly as possible. However, do bear with us if it takes us slightly longer to respond in the first few days as we anticipate there might be a sudden surge in requests,” he said.

In addition to the basic moratorium programme, OCBC Bank is also offering its credit card members to convert their outstanding balances into a three-year term loan/financing with reduced interest/profit rates so they can better manage their debt.

We will be updating this as more banks share information on their respective programs.

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BNM: Applications for loan moratorium to open tomorrow