In line with measures announced by Bank Negara Malaysia (BNM) on 24 March 2020 to support those impacted by COVID-19, CIMB announced that all individual and small and medium enterprise (SME) customers will be automatically enrolled for a moratorium on loan/ financing repayments for a six-month period from 1 April 2020 to 30 September 2020.
The moratorium is applicable to all Malaysian Ringgit-denominated loans/ financings held by eligible customers that have not been in arrears for more than 90 days as at 1 April 2020.
Datuk Mohd Nasir Ahmad, Chairman of CIMB Group, said, “CIMB welcomes the proactive measures announced by BNM to support Malaysians who are experiencing financial constraints during this challenging period. As a financial group that has always prioritised the well-being and advancement of people and communities, we hope this will help our customers who are faced with financial adversities and allow them to focus on other more critical areas of their livelihood.”
For individual customers, eligible Islamic and conventional products under this moratorium include ASB Financing, Home Financing, Auto Financing and Personal Financing (Express Cash, Cash Plus Loan and Awam-i) and for SME customers, the moratorium applies to all existing Term Loans/ Financings and Industrial Hire Purchase.
Interest/ profit will continue to accrue on loan/financing repayments that are deferred, and customers will need to honour the deferred repayments in the future. Interest on conventional loans will not be compounded during the moratorium period. For Islamic Financing, the profit will continue to be accrued during the moratorium period. Profit will not be compounded in line with Shariah principles. Loan/ financing repayment resumes after the moratorium.
Individual customers may choose to opt-out of the moratorium should they wish to continue with their existing schedule. They can send an SMS to a dedicated number stating their full loan/ financing account number and the last four digits of their I/C number. SMS Opt Out details will be made available on CIMB’s website on 31 March 2020.
SME customers who wish to opt-out are advised to visit CIMB’s website to fill-in the Let-Us-CallYou e-form for SMEs OR to contact their relationship manager.
Credit card customers may opt-in to convert their card balances to a term loan/ financing at 13% p.a. and up to a tenure of three years.
For our corporate borrowers, CIMB will proactively engage such customers to facilitate their needs during this challenging time. It is CIMB’s intention to support and enable corporations to overcome current disruptions to their business operations, in order to support wider employment and economic recovery. For more information, customers can visit CIMB’s dedicated page for COVID-19 loan/ financing relief matters at www.cimb.com.my/covid19support