Maybank: More Than 99% Of Applications For Repayment Assistance Approved

Alex Cheong Pui Yin

21st October 2020 - 2 min read

(Image: The Star)

Maybank said that it has approved more than 99% of the applications for repayment assistance which have been processed as of 15 October. These applications comprise both individuals and SME customers who require additional financial support after the expiry of the blanket loan moratorium on 30 September.

According to the bank, about 38% of the approved applications have been granted an extended moratorium on the repayment of their loans and financing. Extended moratorium is one of the several repayment assistance packages that have been offered to banking customers, and it is specifically provided for those who lost their jobs due to the Covid-19 pandemic. Other repayment assistance packages that are available include the reduction of loan or financing repayment amounts for those with reduced income.

(Image: The Star)

Meanwhile, Maybank’s group chief executive officer of community financial services Datuk John Chong noted that the bank has processed approximately 81,000 applications from both individual and SME customers. He added that the bank is still in the midst of processing additional applications as there was a last-minute rush of customers who submitted their applications after 1 October.

“Maybank is ever ready to continue supporting our customers and those who need assistance can still contact us to discuss repayment packages to suit their current financial needs,” said Chong, adding that more than 85% of Maybank’s retail customers have resumed servicing their loans as usual from 1 October.

(Image: The Edge Markets)

Chong further commented that aside from repayment assistance packages, Maybank also offers financing solutions for its diverse segments of customers, including SMEs and micro-SMEs. One example is the SME Digital Financing solution, which provides approval within 10 minutes and a complete end-to-end digital experience, thus eliminating the need for branch visits.

(Source: The Star)

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Alex Cheong Pui Yin

Previously covered recruitment-related stories and had a short stint as a copywriter for the property industry. She subsequently developed an interest in investment and robo-advisors.

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