CIMB extends support to more than 250,000 customers under the CIMB Payment Assistance Programme, in line with the Malaysian Government’s PEMULIH aid package
12 August 2021
The digital based approach helped customers to receive moratorium/payment relief in a fast and accelerated manner.
Kuala Lumpur: In line with the Malaysian Government’s PEMULIH aid package, CIMB Bank Berhad and CIMB Islamic Bank Berhad (“CIMB” or “the Bank”) announced today that to-date more than 250,000 individual and SME customers have been assisted under the CIMB Payment Assistance Programme (the “Programme” or the “Payment Assistance Programme”) since its launch on 7 July 2021. This assistance has an approval rate of virtually 100%.
Dato’ Abdul Rahman Ahmad, Group Chief Executive Officer of CIMB Group, said “The significant number of customers who have received financial assistance in a short period of time is testament to CIMB’s simplified and effective digital application system and in line with our commitment to ensure all eligible customers are given easy and convenient access to the Payment Assistance Programme. We have already processed over 250,000 opt-ins within a five-week span, with more than 170,000 submissions on the first week of application alone. We continue to urge customers who are affected by the pandemic and in need of assistance to reach out to us, where they can be assured of a swift and easy opt-in process.”
The Bank has put in place a simplified and fully digital eForm which is available on CIMB’s dedicated COVID-19 support page, https://www.cimb.com.my/covid19support. Customers are also able to opt-in via email, phone or physically via our bank branches. The Bank continues to ensure that customers are given clear guidelines, including examples with regard to the impact of different payment assistance options through the website and explanations by our frontliners via the phone and bank branches.
Due to Movement Control Order (“MCO”) limitations and the large volume of requests, applications were mainly done online. CIMB strived to ensure all applications were attended on a timely basis, with the initial feedback received from customers being predominantly positive:
Ms. Tan, a CIMB Bank customer and owner of a pet shop said, “My business was affected due to the MCO restrictions, most of my customers were not able to travel to my shop. The payment assistance programme was extremely helpful as it provided me much financial relief. I opted-in the programme via email and the process was very simple.”
Ms. Rajes, a CIMB Bank customer whose husband had lost his jobcommented, “I really needed financial help given that I was the sole breadwinner of my family. My experience in opting-in for the payment assistance programme was very easy and fast. CIMB called me very quickly for the necessary verifications and was detailed in explaining the programme.”
Encik Hassan, a CIMB Bank customer and property owner mentioned, “The MCO restrictions had greatly impacted my tenants’ livelihoods, with some asking for postponements in their monthly rental payment, discounts or waivers. I am thankful that I was able to get an approval within a week and provide rental payment relief to my tenants which really helped in making life easier.”
The CIMB Payment Assistance Programme that is in line with the Malaysian Government’s PEMULIH aid package covers all individual (B40, M40 and T20), microenterprise and affected small and medium enterprise (“SME”) customers. Customers are also given alternative options to choose from, such as a 50% reduction in instalments for six months on credit facilities such as mortgages, ASB loans/ financing and variable rate credit facilities. Customers can also opt for a 3-month moratorium for hire purchase facilities while for credit cards, customers can convert their outstanding balance into a 3-year term loan/ financing with reduced interest/profit rates to help them better manage their debt.
In addition to the Payment Assistance Programme, CIMB would like to reiterate that other financial assistance packages are also available, including the rescheduling and restructuring of loans/financing to suit the specific financial circumstances of our customers.
CIMB will not charge interest on interest, or profit on profit (i.e. compounding interest/profit), or any penalty interest/late charges during the period of assistance. Customers can also be assured that any financial assistance taken will not impact their CCRIS (“Central Credit Reference Information System”) status.
As of 11 August 2021, CIMB has processed around 480,000 financial payment relief assistance applications for individual, SME and business banking customers, some of whom have resumed their monthly repayments. This assistance has an approval rate of virtually 100% and includes the current Payment Assistance Programme, Targeted Assistance Programme and Expanded Targeted Payment Assistance programme offered to customers in 2020, but excludes the blanket moratorium in March 2020.
For further details and assistance, customers can call CIMB’s Contact Centre at +603 6204 7788 or email email@example.com. SMEs can call CIMB’s Business Call Centre at 1300 888 828 (Local) and +603 2297 3000 (Overseas) from Monday to Friday from 7.00am to 7.00pm and Saturday from 8.00am to 5.00pm (excluding public holidays) or visit http://www.cimb.com.my/frap. Non-SMEs and corporate customers may also contact their CIMB Relationship Manager to discuss financing options. For more information, please visit https://www.cimb.com.my/covid19support.
This link is provided for your convenience only and shall not be considered or construed as an endorsement or verification of such linked website or its contents by CIMB Bank.
CIMB Bank makes no warranties as to the status of this link or information contained in the website you are about to access.