Trade Financing
FAQ
FAQ
1. What is this deferment or moratorium?
It is a temporary deferment or suspension of loan/financing repayment/payment obligation (principal and interest/profit) for a limited period of time. During this period, borrowers/customers with loan/financing that meet the conditions do not need to make any repayment/payment, and no late payment charges or penalties/compensation will be imposed.
2. How does this impact me as a Trade customer?
Please click here for Notification of Moratorium on Payment of Trade Bills and Annexure I,II & III
3. 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.
4. Do I qualify for the deferment of monthly payments?
All SMEs will automatically qualify for the deferment. If you do not need this deferment, kindly visit RHB Bank's Corporate Website and drop your details to continue paying the instalment as normal. If you have overdue amounts more than 90 days or you are not classified as an SME, you will have to call your respective RM for assistance.
5. Do I have to pay monthly?
MYR denominated bills which remain outstanding and not in arrears exceeding 90 days as of 1 April 2020 will be extended for 180 days as and when the bill falls due.
Bills created after 1 April 2020 are not eligible for automatic moratorium. Any request for extension will be subject to Bank's discretion.
Bills created after 1 April 2020 are not eligible for automatic moratorium. Any request for extension will be subject to Bank's discretion.
6. 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.
7. Will Interest/profit rate be charged during the deferment?
Yes. It will be charged daily and only added to your bill amount outstanding at the end of the extended 180 days (deferment). Interest/profit will not be compounded.
8. What happens to my monthly payments after the 6 months deferment?
You will have to pay the bills when it falls due.
9. What happens to the tenure of my financing?
It will be extended for another 180 days. On maturity, customer need to pay the bills.
10. 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.
11. Can I extend the deferment after the 6 months given by the Bank?
You will have to contact the Bank to consider a rescheduling.
12. Will this affect my CCRIS?
No. However, borrowers/customers are advised to contact the Bank to discuss on how to resume repayments after the deferment period.
All overdue amounts at point of deferment will still be maintained in CCRIS.
All overdue amounts at point of deferment will still be maintained in CCRIS.
13. 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 will automatically be cancelled. Those that have opted out, the SI will be reinstated. At the end of the deferment/moratorium period, the SI will be reinstated automatically.
14. What if I have created a recurring 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 via REFLEX . If not, the payments will still continue and will be used to reduce your loan amount accordingly as if you have opted out.
15. Will new loan/financing be eligible for the deferment/moratorium?
MYR denominated bills which remain outstanding and not in arrears exceeding 90 days as at 1st April 2020 will be extended for 180 days as and when the bill falls due
Bills created after 1st April 2020 are not eligible for automatic moratorium. Any request for extension will subject to Bank's discretion.
Bills created after 1st April 2020 are not eligible for automatic moratorium. Any request for extension will subject to Bank's discretion.
16. What if I want to continue paying my financing monthly?
Please contact or email us latest by 12th May 2020 at 03 - 9280 7447 or email us at trade.customer.solution@rhbgroup.com
This is an automatic deferment.
If you would like to continue your instalment as usual, please inform us by filling up the form here.
If you would like to continue your instalment as usual, please inform us by filling up the form here.
