Malaysia's bank loan moratorium 2020

This collection of information is extracted from SBH Advisory Form.

In banking, a moratorium is a temporary suspension or delay of loan repayment.

In light of the worsening Covid19 situation in this country, most banks in Malaysia have introduced one form or another of a loan moratorium.

Here are the details:

CIMB Bank

  • Covers all affected industries, especially the tourism industry.
  • Involves all types of loans except outstanding credit card bills.
  • Employees of affected companies allowed to apply too.
  • Businesses need to present their SSM cert.
  • Processing usually takes 2 weeks and the bank will contact you with the results.

Alliance Bank

  • Open to all affected industries and all types of loans.
  • Outstanding credit card bills not covered.
  • Employees of affected companies can apply too.
  • Visit your nearest Alliance Bank branch to fill up a form and get your thumb print recorded.
  • Processing usually takes 3 weeks, and you’ll be informed of the outcome by phone.

Hong Leong Bank

  • Open to both businesses and affected employees.
  • All types of loan covered.
  • All you need to do is fill up a form and scan your thumbprint.
  • Processing usually takes one week, and you’ll be informed of the outcome by phone.

Maybank

  • Includes affected industries and individual employees.
  • Application requires you to fill up a form and provide 3-6 months of your bank statement.
  • All types of loans covered.
  • Can be done at any Maybank branch.
  • Application results will be sent via letter.

UOB Bank

  • Open to employees and industries affected by Covid-19, including tourism, F&B, retail, hotels, education and more.
  • For individuals, only housing loan covered.
  • For businesses, all types of loans.
  • Individuals will have to produce letters/documents proving they’re not working or have no income at this time.
  • Application can be done at any branch and usually takes 2 weeks.

AmBank

  • Open to all affected industries and individuals.
  • Involves all types of loans.
  • Walk-in or online submission of forms.
  • Processing usually takes 2 weeks.
  • You’ll be notified by the bank through the phone.

RHB Bank

  • Covers all affected businesses, employees and self-employed individuals.
  • Involves all types of loans.
  • Submit a form or write an email. Form submission can be online or walk-in.
  • Processing usually takes 2 weeks.
  • You’ll be notified of the results via a call.

Standard Chartered

  • Affected companies can apply such as hospitality, hotels.
  • Only mortgage loan involved.

Note:

Certain banks, including HSBS, OCBC and Citibank have not issued any statements regarding a loan moratorium. We urge you to visit their website regularly or give them a call for updates regarding this. All loan moratorium applications are subject to the banks approval and not fully guaranteed to happen.

Do take note that a loan moratorium would somewhat affect your chances of scoring further loans for a period of 6-12 months in the future. This is merely the way banks classify you as a payee, and is one downside that you should understand and take note of.

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