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Maybank Extends Repayment Assistance Application Until Next Year

Updated 25 Nov 2020 – By Team Loanstreet


With the pandemic prolonging, Maybank’s priority is to ensure that customers continue to have access to the assistance they require to get them through this difficult period. Therefore, the bank has extended the application period for loan/financing Repayment Assistance until 30 June 2021.


To complement its existing Repayment Assistance packages, Maybank is also offering Targeted Repayment Assistance (TRA) to eligible B40 individual and Microenterprise customers starting 23 November 2020 up to 30 June 2021
 
Customers who require financial assistance can still contact the Bank to discuss and work out the most suitable Repayment Assistance package to address current circumstances.
 

The eligibility criteria of the TRA are as follows:

  • B40 individuals who are recipients of Bantuan Sara Hidup (BSH) or Bantuan Prihatin Rakyat (BPR)
  • Microenterprises[1] with an approved loan or financing amount of up to RM150,000 per facility and meets either one of the criteria below:
           a) Sales turnover of less than RM300,000 per annum or
           b) Have less than 5 full-time employees

IMPORTANT: To be eligible for TRA, customers’ loans or financing must also be approved before 1 October 2020 and not in arrears for more than 90 days at the point of application.  Customers who apply for the TRA can opt for a 3-month deferment of instalments or a 50% reduction in instalment for 6 months for their loans or financing. In addition, other comprehensive packages are also being offered by the Bank.

All successful applications for TRA will take effect from 1 December 2020 to 30 June 2021.

Image source: NST



Applications for both Repayment Assistance and the new Targeted Repayment Assistance packages can be made easily via any of the 4 available channels:

  •  Apply via email to weassist@maybank.com (for individual customers) or SMErelief@maybank.com (for SME customers), providing name, IC no, contact number and type of loan (e.g Mortgage, Hire Purchase (HP), Term Loan Financing). For applicants with HP loans, please state Vehicle Number as well.
  • Visit or call any of the branches, SME Centres or Auto Finance Centres (whichever is relevant) nationwide
  • Call Maybank Group Customer Care Hotline at 1-300-88-6688 and press *1 for Repayment Assistance
  •  Apply online via Maybank2u (for individuals and sole proprietors) or Maybank2u Biz (for microenterprises and SMEs) – available starting 5 December 2020.
 
In addition, the application process has also been simplified for selected groups. For B40 customers and Microenterprises eligible for the TRA, no documentation is required while M40 customers, registered in the Bantuan Prihatin Nasional database, only need a self-declaration for their Repayment Assistance application
 
NOTE: Those who wish to apply physically at our branches are encouraged to make an appointment online prior to that using Maybank EzyQ (via Maybank2u) before the visit. Customers can choose their preferred branch as well as appointment date and time, and appointments can be made as close as one business day in advance and up to 10 business days ahead at www.maybank2u.com.my/ezyq.

For more information and to read the FAQ on Maybank’s Repayment Assistance packages including TRA, please visit www.maybank2u.com.my/covid19 or contact the Maybank Group Customer Care Hotline at 1-300-88-6688 and press *1 for “Repayment Assistance”. 
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