Maybank Offers Targeted Repayment Assistance Programme To Continue Supporting Customers’ Recovery
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Maybank has said that it will continue to support customers who are still recovering from the financial repercussions of Covid-19, despite the complete reopening of Malaysia’s economy. This will be done via the resumption of a targeted repayment assistance programme – which is now open for application.

According to a statement the bank, the assistance programme will be made available to individual customers who have experienced loss of employment or at least 50% reduction in income. Small and medium enterprise (SME) and non-retail customers who have experienced a decrease in revenue can also apply.

Depending on your financial situation and types of loans, you’ll be entitled to different assistance packages.

CustomersLoan typesAssistance packages
Individual and SME customers who experienced loss of employment– Mortgage loan/financing-i
– Salary loan/financing-i
– ASB loan/financing-i
– Education loan/financing-i
– SME loan/financing-i  
Payment deferment for six months, followed by a reduction of 50% instalment for nine months
Individual customers who experienced loss of employment– Hire purchase loan/financing-iPayment deferment for six months (with extension of tenure)
Individual and SME customers with at least 50% reduction in income– Mortgage loan/financing-i
– Salary loan/financing-i
– ASB loan/financing-i
– Education loan/financing-i
– SME loan/financing-i
– Hire purchase loan/financing-i
50% reduction of instalments for six months
Individual customers with at least 50% reduction in income– Credit card/credit card-iConvert outstanding balance on credit cards to an instalment programme of 36 months
(Image: The Edge Markets)

Note that all customers must also meet the following criteria in order to qualify for this programme:

  • Not enrolled under an existing repayment assistance programme as of the application date
  • Loan/financing is not in in arrears for more than 90 days as of the application date
  • Loan/financing was disbursed on or before 30 September 2021

Those who are eligible and wish to apply for the programme can do so by emailing their applications to Maybank at [email protected] (individual customers) or [email protected] (for SME customers). Make sure to also submit all the required supporting documents; individual customers, for instance, can choose to provide either their EPF statements, income tax assessments, salary slips, or official letter confirming a reduction in income. You can find out the exact documents required on the the Maybank2u Covid-19 Repayment Assistance page.

Maybank further said that its repayment assistance programme will complement the existing Financial Management and Resilience (URUS) programme, which is made available to B50 customers until 31 March 2022. This targeted loan repayment assistance programme is also likely an effort to abide by Bank Negara Malaysia’s (BNM) directives, which had previously said that banks in Malaysia will continue to offer targeted loan repayment assistance to borrowers following the expiry of the second loan moratorium (offered in June 2021).

Prior to this, Maybank had already provided various other forms of relief programmes for its customers under the government’s stimulus packages, including PEMERKASA Plus and PEMULIH. As of 31 December 2021, Maybank had close to RM80 billion of loans and financing that were placed under such programmes, although the amount had gradually reduced in February 2022 as customers’ financial burdens began to ease with the economy’s reopening.

(Source: Maybank)

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