ANNOUNCEMENT

Financing Facility to assist Malaysian SMEs affected by COVID-19

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Equipment Financing
FAQ
1.  What is this deferment or moratorium?
It is a temporary deferment or suspension of Hire Purchase (HP) payment obligation for 6 months, i.e. from 1 April 2020 to 30 September 2020. During this period, customers with HP facility that meet the eligibility criteria do not need to make any payment.

To ensure that our customers are fully aware of the moratorium package, customers who wish to take up the moratorium are now required to formally confirm and agree to the terms of the moratorium by completing the Consent Form here.

If your Consent Form does not reach us by 15 June 2020, you must continue to pay the monthly instalments as usual according to the original schedule.
2.  What is the objective of the deferment?
The aim of this assistance is to provide some relief to businesses who face temporary financial constraints arising from the COVID-19 pandemic. We hope that this will help individuals and businesses facing financial adversities to cope with challenges during this period. Loan repayment/Financing payment resumes after the deferment period.
3.  Do I qualify for the deferment of monthly payments?
All SMEs with overdue amounts not more than 90 days as at 1st April 2020 qualifies for the deferment.

If you do not meet this criteria, you will have to call your respective RM should you require assistance.
4.  Do I have to pay monthly?
No payment of your instalment required from April 2020 to September 2020 if you have submitted the Consent Form to us by 15 June 2020.

If you do not wish to take up the moratorium, you are to resume the normal instalment payments.
5.  Do I qualify if I'm in currently in default?
If you have amounts due 90 days or more, this deferment is not applicable. Please contact the Bank for assistance.
6.  Will Interest/profit rate be charged during the deferment?
No additional interest/profit will be charged on the deferred installments during and/or after the moratorium period.
7.  What happens to my monthly payments after the 6 months deferment?
Customers will continue to pay the same monthly instalment after the deferment period until the end of extended maturity date. No additional interest/profit will be charged.

Customer may also settle the deferred installments gradually or in lump sum at any time earlier than the extended maturity date. However, deferred instalment are not entitled to interest/profit rebate.
8.  What happens to the tenure of my financing?
The HP financing tenure will be consequently extended for up to equivalent number of months. However, you have the option to pay off the deferred instalments gradually or in lump sum at any time earlier.
9.  What if my financing is currently already restructured by the Bank?
You still qualify for deferment, please contact the bank for assistance on a new schedule.
10.  Can I extend the deferment after the 6 months given by the Bank?
You will have to contact the Bank to consider a rescheduling.
11.  Will this affect my CCRIS?
There will be no impact on your CCRIS records during the deferment period. However, if your accounts is currently in arrears as at 1st April 2020, the arrears status will remain the same until 30 September 2020, unless you choose to pay off the arrears during the deferment period.
12.  What will happen to the Standing Instruction I have given to the bank to deduct my account to pay for my loan/financing?
The Standing Instruction (SI) will be reinstated unless you have confirmed your acceptance of the deferment.

If your SI is with other banks, you will need to liaise with your bank to suspend the instruction during the moratorium period and reactivate it from 1st October 2020 onwards.
13.  What if I have a created a reoccuring payment instruction via REFLEX cash management for my monthly financing payment?
If you intend to enjoy the deferment of loan repayment/financing payment, you will have to cancel the Recurring Payment instruction for your loan/financing via REFLEX . If not, you will have to create a new payment instruction.
14.  Will new loan/financing be eligible for the deferment/moratorium?
New loan/financing approved after 1st April 2020 will not get the moratorium treatment (unless specifically approved e.g. Special Relief Facility).

New loan/financing approved prior to 1st April 2020 but disbursed after 1st April 2020 can request for moratorium but subject to Bank’s approval.
15.  What if I want to continue paying my financing monthly?
You may continue to pay the monthly instalments as usual.

We will not impose any additional interest/profit for April 2020 and May 2020 instalments that was deferred earlier. However, the April and May 2020 installment sum will need to be paid as per Question 8 of this FAQ.
This is a non-automatic deferment.

Apply now if you would like to enjoy the Moratorium
by filling up the form here.

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