CIMB supports over 250,000 individuals, SMEs under payment assistance programme

Publish date: Thu, 12 Aug 2021, 07:44 PM
KUALA LUMPUR: CIMB Bank Bhd and CIMB Islamic Bank Bhd has supported over 250,000 individual and small and medium enterprise (SME) customers to-date under the CIMB Payment Assistance Programme since its launch on July 7, 2021. 
 
In a statement today, the group said, under the programme, customers were given alternative options to choose from, such as a 50 per cent reduction in instalments for six months on credit facilities such as mortgages, Amanah Saham Bumiputera (ASB) loans/ financing, and variable rate credit facilities. 
 
Customers can also opt for a three-month moratorium for hire purchase facilities while for credit cards, they can convert their outstanding balance into a three-year term loan/financing with reduced interest/profit rates to help them better manage their debt.
 
Besides the Payment Assistance Programme, CIMB reiterated that it would not charge interest on interest, or profit on profit (that is, compounding interest/profit), or any penalty interest/late charges during the period of assistance.  
 
Customers are also assured that any financial assistance taken will not impact their Central Credit Reference Information System (CCRIS) status.
 
As at  Aug 11, 2021, CIMB has processed around 480,000 financial payment relief assistance applications for individual, SME and business banking customers, some of whom have resumed their monthly repayments. 
 
This assistance has an approval rate of virtually 100 per cent and includes the current Payment Assistance Programme, Targeted Assistance Programme and Expanded Targeted Payment Assistance programme offered to customers in 2020, but excludes the blanket moratorium in March 2020.
 
 - Bernama

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