OCBC Bank (M) Bhd and its Islamic banking subsidiary OCBC Al-Amin Bank Bhd announced the details of a new repayment assistance program. This program will assist customers including microenterprises, small and medium enterprises (SMEs), and individual customers. It will primarily aid those who have been financially harmed by the Covid-19 pandemic and the Movement Control Order (MCO).
The Repayment Assistance Program
Any eligible entity may select from either a three-month repayment moratorium or six months of repayment assistance in the form of a 50% reduction on instalment prices. Eligible entities include individual borrowers who have lost their jobs, B40 (bottom 40%) borrowers who are recipients of Bantuan Sara Hidup (BSH) or Bantuan Prihatin Rakyat (BPR), microenterprises with approved loan or financing facilities of less than RM150,000, and SMEs and microenterprises which may not operate due to lockdown regulations.
In addition, all OCBC customers may benefit from reduced rates of loan and financing instalments. This advantage even applies to customers who are in the M40 (middle 40%) or T20 (top 20%).
OCBC Bank CEO Datuk Ong Eng Bin called upon customers to step forward and claim their benefits. He urged them to inform the bank if they require additional financial assistance due to the pandemic’s highly damaging effects.
“Since we first started providing assistance related to the pandemic, customers who have come forward have been able to gain support to tide them through the challenging times. I am pleased to say that more than 90% of this group of customers have since resumed their normal repayment obligations,” Ong said.
“What remains to be done is to ensure nothing falls through the cracks and that no one is left behind. We encourage our customers to get in touch with us so we can see how best to ease your financial burdens during these challenging times – even if you only need an even more basic level of assistance such as a simple restructuring of your financing,” he added.
“We remain committed to providing the necessary support to help you tide (over) the ongoing difficult times. Alongside this, we would like to advocate the use of our online application and banking services so everyone stays home during the MCO.”
Anyone who applies for any of OCBC’s assistance packages may do so by applying online. To do so, one only needs to use the bank’s simplified application process.
There are also two dedicated hotlines designed to cater to customers. One hotline serves personal banking customers while the other caters to SME and microenterprise customers. Both hotlines are open from Monday to Friday. They open at 9am and close at 6pm.
11th June 2021 10:46
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