KUALA LUMPUR: CIMB Bank Bhd and CIMB Islamic Bank Bhd announced that all individual (B40, M40 and T20), microenterprise and affected small and medium enterprise (SME) customers can now opt-in for a six-month moratorium with approvals given automatically.
In a statement, the banking group said 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 three-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.
CIMB said in order to ensure that customers are able to access the payment assistance programme easily and conveniently, 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 reach out toCIMB 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, ” 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.
“Customers can also be assured that any financial assistance taken will not impact their CCRIS status, ” it said.
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 RM28bil, with an approval rate of virtually 100%.