Individuals who have lost their jobs will be granted a 3-month payment relief while those with reduced incomes will receive a 6-month reduction of monthly payments 

KUALA LUMPUR, Aug 3 (Bernama) -- CIMB Bank Berhad and CIMB Islamic Bank Berhad (collectively “CIMB” or “the Bank”) today announced the details of its targeted repayment assistance programme post-moratorium as part of its continued commitment to assist severely affected customers to weather through this challenging period.
 
In line with YAB Prime Minister’s recent announcement on the government’s extended COVID-19 relief initiatives, CIMB’s targeted repayment assistance programme will be as follows:
1. Individual customers/borrowers who have lost their jobs since 1 January 2020, and who remain unemployed, will be given a 3-month payment relief
2. Individual customers/borrowers who have suffered a decline in income will be eligible for a commensurate reduction of monthly payments for at least 6 months. This will include Hire Purchase financing where affected customers will be offered revised monthly payments, together with an extension of tenure
3. Other affected SMEs, corporates and individuals will be offered several options which include an extension of the existing relief programme, profit/interest servicing only, possible extension of the loan/financing tenure to enable lower monthly instalments and amending other terms and conditions of the loan/financing where appropriate.  
 
To ensure seamless customer experience, all processes will be simplified with a quick turnaround time. CIMB has employed data analytics to identify those potentially most affected and will be proactively engaging these customers. An SMS will be sent to more than 300,000 individuals and 10,000 SMEs from 3 August 2020 who are advised to follow the simple instructions and complete their applications by 20 August 2020. Customers who do not receive an SMS from the Bank, but are anticipating difficulties in commencing payments after 30 September 2020, are encouraged to get in touch with the bank from 7 August until 7 September 2020, via phone at +603 6204 7788, email at covidcare@cimb.com or by visiting any CIMB branch. 

Customers are assured of automatic approval, provided that satisfactory documentary evidence is given confirming the customer’s situation. Further, their take up of any financial assistance will not impact their CCRIS (Central Credit Reference Information System) status as long as borrowers continue to make the loan/financing payments promptly based on the agreed revised repayment schedule.
 
For those whose livelihoods have not been affected, CIMB strongly urges them to resume payment of their loans/financing in October 2020. All customers, affected or otherwise, will be notified with a letter from the Bank, informing them of the next steps. 
 
Dato’ Abdul Rahman Ahmad, Group Chief Executive Officer of CIMB Group said, “We understand that our customers, faced with the prolonged impact of the pandemic, are anxious about the commencement of payments. As a responsible financial institution, we are pleased to continue to provide support which are tailor-made to cater to the needs of our financially affected group of customers. As part of our commitment to provide a seamless customer experience, CIMB will simplify and expedite the application and approval process. As the end of the blanket moratorium is fast approaching, impacted customers are encouraged to contact us as soon as possible to discuss options with CIMB. Our priority remains to ensure the financial well-being and business-viability of all our customers and also the health of our economy.”
 
CIMB has supported customers through the challenging economic environment since the start of the COVID-19 pandemic and remains committed to continue. The bank provided the 6-month moratorium to help ease cash flow and provide breathing space for Malaysians at the peak of the pandemic. As at end-June, the moratorium has benefitted over 1.25 million retail customers and around 16,000 SMEs and corporate clients in terms of cash flow alleviation to help them face the challenging environment. In addition, CIMB has approved over RM1 billion of relief funds to SMEs, of which RM700 million is under the Bank Negara Malaysia’s Special Relief Fund (“SRF/SRF-i”). The Bank is also fully committed to supporting the Government’s newly launched RM1 billion PENJANA financing scheme for SMEs.
 
For more information, please visit https://www.cimb.com.my/en/personal/help-support/covid-19support.html, call a CIMB representative at +603 6204 7788 or email us at covidcare@cimb.com.
 
About CIMB Group
 
CIMB Group is one of ASEAN’s leading universal banking groups and is Malaysia’s second largest financial services provider, by assets. It offers consumer banking, commercial banking, investment banking, Islamic banking and asset management products and services. Headquartered in Kuala Lumpur, the Group is present in all 10 ASEAN nations (Malaysia, Indonesia, Singapore, Thailand, Cambodia, Brunei, Vietnam, Myanmar, Laos and Philippines). Beyond ASEAN, the Group has market presence in China, Hong Kong, India, Korea, the US and UK.
 
CIMB Group has one of the most extensive retail branch networks in ASEAN with 697 branches as at 31 March 2020. The Group’s investment banking arm is one of the largest Asia Pacific-based investment banks, while it offers comprehensive research coverage around of 950 stocks in the region via its CGS-CIMB joint venture. 
 
CIMB Group operates its business through three main brand entities, CIMB Bank, CIMB Investment Bank and CIMB Islamic. CIMB Group is also the 92.5% shareholder of Bank CIMB Niaga in Indonesia, and 94.8% shareholder of CIMB Thai in Thailand. 
 
CIMB Group is listed on Bursa Malaysia via CIMB Group Holdings Berhad. It had a market capitalisation of approximately RM35.7 billion as at 31 March 2020. The Group has around 35,000 employees located in 15 countries.
 
Source: CIMB Group 

FOR MORE INFORMATION, PLEASE CONTACT: 
Name: Lynn Guha Thakurta / Juanita Johari
Group Corporate Communications 
CIMB Group Holdings Berhad
Email: lynn.thakurta@cimb.com / juanita.johari@cimb.com 
 
--BERNAMA