Maybank Covid-19 Financial Relief Scheme/Moratorium
Maybank Covid-19 Financial Relief Scheme/Moratorium was introduced in light of the ongoing Covid-19 outbreak and the distress you may be experiencing during this difficult period. To ease your financial burden, Maybank have introduced the Covid-19 Financial Relief Scheme to support individual and business customers who are impacted during this period of disruption.
Maybank Covid-19 Financial Relief For Individual Customers
6-Month Automatic Repayment Deferment / Moratorium
Effective 1 April 2020, Maybank is granting a 6-month automatic repayment deferment (i.e. moratorium) for all types of RM-denominated loan/financing (except for credit cards). To be eligible, your loan/financing should not have any outstanding payment for more than 90 days as at 1 April 2020.
There are absolutely no steps you need to take to enjoy this break from repaying your loan/financing. Your standing/auto debit instruction with your Maybank account for the repayment of your Maybank loan/financing will also be suspended for 6 months.
What if I do not wish to participate?
- Simply continue paying your monthly installment
- Or, if you have a standing/auto debit instruction with your Maybank account for the repayment of your Maybank loans/financing, please fill out and submit request form so that your standing/auto debit instruction will not be suspended.
Credit Card Relief Assistance Plan
If you have trouble paying off your credit card bill, you can convert your outstanding balance to a term loan/financing. Kindly submit the Credit Card Relief Assistance Form for Maybank to assist you.
Maybank Covid-19 Financial Relief For SME Customers
6-Month Automatic Repayment Deferment / Moratorium
Effective 1 April 2020, Maybank is granting a 6-month automatic repayment deferment (i.e.moratorium) for all types of RM-denominated loan/financing (except for credit cards). To be eligible, your loan/financing should not have any outstanding payment for more than 90 days as at 1 April 2020.
There are absolutely no steps you need to take to enjoy this break from repaying your loan/financing. Your standing/auto debit instruction with your Maybank account for the repayment of your Maybank loan/financing will also be suspended for 6 months.
What if I do not wish to participate?
- Simply continue paying your monthly installment
- Or, if you have a standing/auto debit instruction with your Maybank account for the repayment of your Maybank loans/financing, please fill out and submit request form so that your standing/auto debit instruction will not be suspended.
Special Relief Facility (SRF)
Bank Negara Malaysia has allocated funds to alleviate the short term cash low problems faced by SMEs amidst the Covid-19 outbreak.
Eligible SMEs can obtain financing of up to RM1 Million for a tenure of up to 5.5 years, including a 6-month grace period, with a financing rate capped at 3.5% p.a. This Special Relief Facility is available from 6 March 2020 to 31 December 2020.
Not sure if the automatic moratorium is right for you?
- Do you have a stable and consistent income stream? If you do, this might not be a critical consideration for you.
- Do you foresee the potential of having high cash outflow in the next 6 months? If you do, this could help to ease your monthly financial burden.
- Do you foresee a huge impact on your business or investment due to the recent events? If you do, this could help to ease your financial burden.
- Are you aware of and agreeable to the accrued interest and higher repayment amount or longer tenure after the deferment? If you are not comfortable with this term, the option to opt out is available to you.
- You also have the freedom to select which loan/financing to opt out of, while keeping others enrolled into the deferment plan.
Source: Maybank