Maybank has shared some specifics on its post-moratorium repayment assistance packages for customers who may still be facing financial challenges at the end of the current six-month moratorium in September 2020.
Types of repayment assistance packages
While Maybank did not list in detail the types of financial aid provided in its website and FAQ, you can expect the bank to adhere closely to the general arrangements outlined in Prime Minister Tan Sri Muhyiddin Yassin’s announcement of targeted bank assistance.
In particular, Maybank highlighted the rescheduling and restructuring (R&R) option, which involves modifying your original loan/financing repayment terms and condition to offer temporary financial relief. However, this aid is not applicable for credit cards, charge and corporate cards, and personal loans/financing with flat-rate interest.
Maybank further emphasised that each application will be assessed on a case-by-case basis; the bank will work closely with you to come up with a repayment package tailored to address the challenges that you face.
How to apply
Maybank’s customers can make their applications or contact the bank via three channels: email, online application, or bank visit/phone call.
If you opt to email Maybank about your application, be sure to send it to [email protected] to ensure that the bank gets back to you. It has also requested for you to title the subject of your email as “Request for Financial Relief”, and to include the following details in your email:
- Contact number
- Type of loan (e.g. mortgage, hire purchase, etc.)
- Vehicle number (for hire purchase loans)
- Reason for your application
Meanwhile, online applications can be done through your Maybank2u account. Upon logging into your Maybank2u account, click on “Apply”, then “Accounts” to find the application form. Note, though, that online applications are not available for those seeking help with their hire purchase and personal loans.
Bank visit/Phone call
Alternatively, you can visit any of Maybank’s branches nationwide to find out more about the bank’s repayment assistance packages. For enquiries about hire purchase loan, however, you need to contact the nearest Maybank Auto Finance Centres or Regional Asset Quality Management instead.
Additionally, Maybank also requests that you bring along the following supporting documents during your visit to its branches:
- Salaried individuals: Latest one-month salary slip
- Self-employed individuals (Maybank customers): N/A
- Self-employed individuals (non-Maybank customers): Latest three-month bank statements
Individuals who have been retrenched or are taking a pay cut should also bring their retrenchment or salary reduction letter from their employers.
Aside from visiting Maybank’s branches, you can also opt to contact the Maybank Customer Care Hotline at 1-300 88 6688, and press *1 for “Financial Relief”.
In its FAQ, Maybank reminded that the deadline for application is on 30 September 2020. However, the bank encouraged its customers to apply by 31 August instead so that their application can be approved before the current moratorium ends on 30 September. It also noted that no processing fee will be charged for R&R applications, and that customers who did not participate in the ongoing moratorium are also welcome to apply if they were recently impacted by the Covid-19 pandemic.
You can find out more about Maybank’s repayment assistance package on its website.