Banking Sector Committed To Helping Borrowers Through The New CMCO
The Association of Banks in Malaysia (ABM) and the Association of Islamic Banking and Financial Institutions of Malaysia (AIBIM) have jointly announced that they are standing by to provide assistance to those affected by the targeted Conditional Movement Control Order and Enhanced Movement Control Order.
Borrowers in the affected areas are advised to contact their banks if they are facing issues with making repayments. These banks have announced that they are ready to provide assistance to suit the financial circumstances of those affected. Those unable to make their way to a bank branch can instead make contact through email or by calling the relevant bank helpline.
Those seeking further information can contact ABM through its website; or contact AIBIM via telephone at 03-2026 8002/8003 or by email at firstname.lastname@example.org. Those still facing difficulties and have been unable to get help from their bank can contact BNMTELELINK for further assistance at email@example.com or call 1-300-88-5465. Finally, borrowers who believe that none of the previous solutions have solved their issues can reach out to Agensi Kaunseling & Pengurusan Kredit (AKPK) at 03-2616 7766 to explore other options.
Bank Negara Malaysia (BNM) had earlier reassured Malaysians that the banking industry is committed to helping them through the end of the mandatory loan moratorium on September 30. Banks have since introduced a range of measures to assist those in need to survive the transition, including targeted moratoriums for those who are still struggling financially.
The loan moratorium was originally introduced in March 2020 to assist with those affected by the Movement Control Order (MCO) imposed to control the COVID-19 pandemic. The three month moratorium was later extended due to the MCO also being extended.
As the end of the moratorium drew nearer, Malaysians were advised to speak to their banks for a targeted repayment assistance programme. Essentially extending the effects of the moratorium for those who may not yet have recovered from the financial effects of the MCO.
At the moment, 500,000 individuals and SMEs have applied for the repayment assistance programme. BNM reports that 98% of all applications have been approved. However, there are still applications that are being processed and banks will continue to keep borrowers informed about their applications.