In banking, a moratorium is a temporary suspension or delay of loan repayment.
In light of the worsening Covid19 situation in this country, most banks in Malaysia have introduced one form or another of a loan moratorium.
In light of the worsening Covid19 situation in this country, most banks in Malaysia have introduced one form or another of a loan moratorium.
This collection of information is extracted from SBH Advisory Form and Property Hunter Website.
CIMB BANK
- Covers all affected industries, especially the tourism industry.
- Involves all types of loans except outstanding credit card bills.
- Employees of affected companies allowed to apply too.
- Businesses need to present their SSM cert.
- Processing usually takes 2 weeks and the bank will contact you with the results.
ALLIANCE BANK
- Open to all affected industries and all types of loans.
- Outstanding credit card bills not covered.
- Employees of affected companies can apply too.
- Visit your nearest Alliance Bank branch to fill up a form and get your thumb print recorded.
- Processing usually takes 3 weeks, and you’ll be informed of the outcome by phone.
HONG LEONG BANK
- Open to both businesses and affected employees.
- All types of loan covered.
- All you need to do is fill up a form and scan your thumbprint.
- Processing usually takes one week, and you’ll be informed of the outcome by phone.
MAYBANK
- Includes affected industries and individual employees.
- Application requires you to fill up a form and provide 3-6 months of your bank statement.
- All types of loans covered.
- Can be done at any Maybank branch.
- Application results will be sent via letter.
UOB BANK
- Open to employees and industries affected by Covid-19, including tourism, F&B, retail, hotels, education and more.
- For individuals, only housing loan covered.
- For businesses, all types of loans.
- Individuals will have to produce letters/documents proving they’re not working or have no income at this time.
- Application can be done at any branch and usually takes 2 weeks.
AMBANK
- Open to all affected industries and individuals.
- Involves all types of loans.
- Walk-in or online submission of forms.
- Processing usually takes 2 weeks.
- You’ll be notified by the bank through the phone.
RHB BANK
- Covers all affected businesses, employees and self-employed individuals.
- Involves all types of loans.
- Submit a form or write an email. Form submission can be online or walk-in.
- Processing usually takes 2 weeks.
- You’ll be notified of the results via a call.
STANDARD CHARTERED
- Affected companies can apply such as hospitality, hotels.
- Only mortgage loan involved.
Note:
Certain banks, including HSBS, OCBC and Citibank have not issued any statements regarding a loan moratorium. We urge you to visit their website regularly or give them a call for updates regarding this. All loan moratorium applications are subject to the banks approval and not fully guaranteed to happen.
Do take note that a loan moratorium would somewhat affect your chances of scoring further loans for a period of 6-12 months in the future. This is merely the way banks classify you as a payee, and is one downside that you should understand and take note of.
