8th March 2023 - 2 min read
Prime Minister Datuk Seri Anwar Ibrahim said that Maybank and CIMB have both agreed to offer a moratorium of six months to borrowers who are affected by the recent flood happening in Johor.
“With regards to the moratorium, to ease the flood victims, the Johor state government had suggested that a moratorium be offered to flood victims to delay their loan repayment as the situation is dire. So far, Maybank and CIMB have agreed to a six-month moratorium,” said Datuk Seri Anwar, who is also the Finance Minister.
Datuk Seri Anwar further said that aside from these two largest banks in Malaysia, the government has also reached out to and urged other banks to offer assistance as well.
In a separate statement, CIMB shared that it will provide a six-month payment relief on loan and financing products for individual and business customers who have been impacted by the flood, under its Flood Relief Assistance Plan. Late charges and other selected fees will also be waived to reduce the financial burden on them, including charges for credit/debit card replacements, statement requests, or replacement of damaged passbooks and bankers’ cheques.
CIMB’s SME customers who need additional cash flow assistance can also access a Disaster Relief Facility of up to RM700,000 at a preferential rate, said CIMB. This is on top of the bank’s efforts to work with its insurance partners to expedite the processing of insurance claims.
Maybank, too, has said that it is offering financing/loan repayment deferment to impacted customers, as well as a reduction in their monthly instalment payments or extension of repayment tenure. It will also waive the fees and charges for selected services, such as replacement of debit and credit cards, and cheque books lost or damaged during the floods.
The recent flood has affected several states in Malaysia – namely, Johor, Pahang, Negeri Sembilan, Melaka, as well as Sabah and Sarawak – with Johor being the worst-hit. Johor experienced a first wave of flood between 24 January to 10 February, followed by another wave on 1 March. More than 40,000 people in the state were displaced from their homes and forced to move into temporary shelters.
Following that, Johor Menteri Besar Datuk Onn Hafiz Ghazi sought the government’s assistance to provide a bank moratorium of three to six months on loan repayments for affected individuals.
(Source: Malay Mail)
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