Citi Malaysia Offers Automatic Moratorium With No Compounded Interest
Author Avatar

(Image: The Edge Markets)

Citi Malaysia has announced that it will be waiving the compounded interest for conventional loans during the upcoming automatic moratorium. It is applicable for mortgage and personal loans during the six-month deferment period, which is slated to begin on 1 April 2020.

Additionally, the bank will not compound the accrued profit for its Islamic home financing, which is in line with Shariah principles.

The automatic moratorium offered by Citi Malaysia will be open to eligible individual and SME customers, for loans or financing that are not in arrears for more than 90 days as of 1 April 2020 and are denominated in ringgit. It excludes credit card balances.

As for other corporates affected by Covid-19, Citi Malaysia will review each moratorium request on a case-by-case basis.

Citi customers are also encouraged to reach out to the bank regarding their repayment affordability after the moratorium. If they wish, they may opt out of the moratorium and continue with their current repayment or payment terms.

citi-lee lung nien

(Image: Malay Mail)

“This is our first wave of relief and we are actively assessing the situation and listening to our customers. Our commitment to all our stakeholders and to the country is one of support and delivery of our best capabilities especially in these difficult times,” said the chief executive officer of Citi Malaysia, Lee Lung Nien.

Citi Malaysia’s financial relief measures are in line with Bank Negara Malaysia’s (BNM) recent directives for the automatic deferment of individual and SME loans for a period of 6 months, as well as the conversion of outstanding credit card balances into term loans. It is the latest of several banks to have come forward to declare non-compounding interest for the period of the moratorium.

You can also find out more about other financial assistance offered by banks in Malaysia in our article here.

(Source: New Straits Times)

0 0 votes
Article Rating


Comments (0)

Notify of

Inline Feedbacks
View all comments
Top Bank News Articles
Post Image
Malaysian Banks And Local Institutions Offer Financial Assistance For Customers Affected By Covid-19
Alex Cheong Pui Yin
- 1st April 2020
(Last update: 1 April 2020, 3.40pm to include FAQs by banks.) With Malaysia going into an extended period […]
Post Image
CIMB To Terminate Bonus Point Redemption For Cashback, Remove Credit Card Benefits For DuitNow QR
Alex Cheong Pui Yin
- 11th August 2023
CIMB has announced that effective 1 September 2023, it will be terminating the redemption of Bonus Points for […]
Post Image
CIMB: Touch ‘n Go eWallet Sees Healthy Volumes For Essential Services And Online Transactions
Alex Cheong Pui Yin
- 13th April 2020
CIMB Group Holdings Bhd, which owns Touch’n Go Sdn Bhd (TNGSB), has reported a continuation of healthy volumes […]
Post Image
Operating Hours For CIMB Branches Are Now Back To Normal
Alex Cheong Pui Yin
- 7th January 2021
CIMB has announced that the banking hours for its branches and Preferred Centres across the country have now […]

Related articles

Related Posts Image
Related Posts Image
Related Posts Image
Related Posts Image