Cover image via Regulation AsiaIn light of the development of COVID-19 and the implementation of MCO, several banks in Malaysia have introduced moratoriums – a delay of loan repayments, of up to six months
If you have outstanding bank loans and face challenges paying them, you could benefit from these financial assistance programmes. Some banks are even offering moratoriums on mortgages and credit cards, on a case-by-case basis.
However, each bank has its own programme, so make sure you find out more on their website or call the bank for further clarification.
Here's a list of banks offering loan repayment assistance:
The banks are arranged alphabetically.
1. Affin Bank & Affin Islamic Bank
- Moratorium (delay of loan repayments) of up to six months
- Restructuring and rescheduling of instalment repayments
- Special Relief Facility for SMEs affected by COVID-19
For more information, visit their website or email respective business divisions of the bank:
- Consumer Banking: [email protected]
- SME Banking: [email protected]
- Corporate Banking: [email protected]
Contact Centre: 03-8230222 | Website
Image via The Malaysian Reserve
2. Agrobank
Image via New Straits Times
- Moratorium (delay of loan repayments) of up to six months
- Restructuring and rescheduling of financing facilities
Contact Centre: 1-300-88-2476 | Website
3. Alliance Islamic Bank
Image via Wikipedia
- Moratorium (delay of loan repayments) of up to six months
- Restructuring and rescheduling of loan repayments
- Waiver of late charges for loans or financing
Contact Centre: 03-55169988 | Website
4. Ambank
Image via The Edge Markets
- Moratorium (delay of loan repayments) of up to six months
- Restructuring and rescheduling of instalment repayments
- 24-hour approval for AmBank's Special Relief Facility for SMEs
Contact Centre: 03-2178 8888 | Website
5. Bank Islam
Image via Sarawak Directory
- Moratorium (delay of loan repayments) of up to six months
- Restructuring and rescheduling of instalment repayments
Contact Centre: 03-26900900 | Website
6. Bank Mualamat
Image via Bank Mualamat
- Moratorium (delay of loan repayments) of up to six months up until 31 July 2020
- Restructuring and rescheduling of instalment repayments
Contact Centre: 1-300-88-8787 | Website
7. Bank Rakyat
Image via Borneo Post Online
- Moratorium (delay of loan repayments) of up to six months up until 31 July 2020
- Restructuring and rescheduling of instalment repayments
Contact Centre: 1-300-80-5454 | Website
8. Bank Simpanan Nasional
Image via Harian Teknologi
- Moratorium (delay of loan repayments) of up to six months
- Restructuring and rescheduling of instalment repayments
- Special Relief Facility for SMEs and micro enterprises affected by COVID-19
Contact Centre: 1-300-88-1900 | Website
9. CIMB Bank & CIMB Islamic Bank
Image via Business Insider Malaysia
- Moratorium (delay of loan repayments) of up to six months
- Restructuring and rescheduling of instalment repayments of up to 2 years
- Special Relief Facility for SMEs affected by COVID-19
Contact Centre: 03-62047788 | Website
10. Hong Leong Bank & Hong Leong Islamic Bank
Image via Nikkei Asian Review
- Moratorium (delay of loan repayments) of up to six months
- Restructuring and rescheduling of instalment repayments
- Special Relief Facility for SMEs affected by COVID-19
- "Priority Lane" for those customers who apply for these plans
Contact Centre: 603-7626 8899 | Website
11. HSBC Bank & HSBC Amanah Malaysia Berhad
Image via New Straits Times
- Moratorium of up to six months for loans, mortgages, credit cards, as well as retail business banking and commercial banking
- Restructuring and rescheduling of instalment repayments
- Additional financial relief for commercial banking and global banking customers
Contact Centre: 1-300-88-2626 | Website
12. Maybank & Maybank Islamic
Image via The Malaysian Reserve
- Moratorium (delay of loan repayments) of up to six months
- Restructuring and rescheduling of instalment repayments
- Special Relief Facility for SMEs affected by COVID-19
Contact Centre: 1-300-88-6688 | Website
13. MBSB Bank
Image via KLSE Screener
- Moratorium (delay of loan repayments) of up to six months
- Restructuring and rescheduling of instalment repayments
Contact Centre: 03-20963000 | Website
14. OCBC Bank & OCBC Al-Amin Bank
Image via Yahoo News
- Moratorium (delay of loan repayments) of up to six months
- Restructuring and rescheduling of instalment repayments
- Special Relief Fund for SMEs to alleviate short term cash flow problems
Contact Centre: 03-83149310 | Website
15. Public Bank & Public Islamic Bank
Image via RinggitPlus
- Moratorium (delay of loan repayments) of up to six months
- Restructuring and rescheduling of instalment repayments
Contact Centre: 1-800-22-5555 | Website
16. RHB Bank & RHB Islamic Bank
Image via Sarawak Directory
- Moratorium (delay of loan repayments) of up to six months
- Restructuring and rescheduling of instalment repayments
- Special Relief Facility for SMEs affected by COVID-19
Contact Centre: 03-92068118 | Website
17. SME Bank
Image via The Edge Markets
- Moratorium (delay of loan repayments) of up to six months
- Restructuring and rescheduling of instalment repayments
Contact Centre: 03-26037700 | Website
18. Standard Chartered Saadiq
Image via Yelp
- Profit-only payment up to six months moratorium for affected retail and SME clients
Contact Centre: 1-300-88-8888 | Website
19. UOB Malaysia
Image via New Straits Times
For conventional and Islamic banking corporate clients
- Moratorium (delay of loan repayments) of up to one year
- Review to grant more facilities to clients who need additional financing
For individual customers
- Moratorium of up to six months for loans, mortgages, credit cards
- Restructuring and rescheduling of instalment repayments
- Interest-only repayments of up to six months on credit card repayments
Contact Centre: 03-2612 8121 | Website
20. Bank Negara Malaysia
Image via Bank Negara Malaysia
Through the government's Economic Stimulus Package 2020, Bank Negara Malaysia is providing small and medium-sized enterprises (SMEs) a special relief facility worth a total of RM2 billion.
If your business is impacted by COVID-19 and at least 51% of your shares are held by Malaysians, you could be entitled for this facility. What this means is that you can borrow up to RM1 million, with an interest rate of up to 3.75% per annum. You will not require a collateral, and there will be no guarantee and legal fees imposed.
The special relief facility is offered by various banks nationwide. Do check with your bank if you qualify for it, or find out more here.
