KUALA LUMPUR: CIMB Bank Bhd and CIMB Islamic Bank Bhd have provided assistance to over 250,000 individuals 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 on Thursday, the group said this assistance has an approval rate of virtually 100%, it said adding this was in line with the government’s PEMULIH aid package.
Datuk Abdul Rahman Ahmad, group CEO of CIMB Group, said the significant number of customers who have received financial assistance in a short period of time is testament to CIMB’s simplified and effective digital application system.
He added this was in line with the group’s commitment to ensure all eligible customers are given easy and convenient access to the payment assistance programme.
“We have already processed over 250,000 opt-ins within a five-week span, with more than 170,000 submissions on the first week of application alone.
“We continue to urge customers who are affected by the pandemic and in need of assistance to reach out to us, where they can be assured of a swift and easy opt-in process,” he said.
The bank had also put in place a simplified and fully digital eForm which is available on CIMB’s dedicated Covid-19 support page, https://www.cimb.com.my/covid19support.
Customers are also able to opt-in via email, phone or physically via our bank branches.
CIMB said due to Movement Control Order (MCO) limitations and the large volume of requests, applications were mainly done online. CIMB strived to ensure all applications were attended on a timely basis, with the initial feedback received from customers being predominantly positive:
1. Tan, a CIMB Bank customer and owner of a pet shop said, “My business was affected due to the MCO restrictions, most of my customers were not able to travel to my shop. The payment assistance programme was extremely helpful as it provided me much financial relief. I opted-in the programme via email and the process was very simple.”
2. Rajes, a CIMB Bank customer whose husband had lost his job commented, “I really needed financial help given that I was the sole breadwinner of my family. My experience in opting-in for the payment assistance programme was very easy and fast. CIMB called me very quickly for the necessary verifications and was detailed in explaining the programme.”
3. Hassan, a CIMB Bank customer and property owner mentioned, “The MCO restrictions had greatly impacted my tenants’ livelihoods, with some asking for postponements in their monthly rental payment, discounts or waivers. I am thankful that I was able to get an approval within a week and provide rental payment relief to my tenants which really helped in making life easier.”
According to the bank, its payment assistance programme covers all individual (B40, M40 and T20), microenterprise and affected small and medium enterprise (SME) customers.
Customers can choose such as a 50% reduction in instalments for six months on credit facilities such as mortgages, ASB loans/ financing and variable rate credit facilities. Or they can also opt for a three-month moratorium for hire purchase facilities while for credit cards, customers can convert their outstanding balance into a three-year term loan/ financing with reduced interest/profit rates to help them better manage their debt.
CIMB also reiterated other financial assistance packages are also available, including the rescheduling and restructuring of loans/financing to suit the specific financial circumstances of its customers.
It will not charge interest on interest, or profit on profit (i.e. compounding interest/profit), or any penalty interest/late charges during the period of assistance. Customers can also be assured that any financial assistance taken will not impact their Central Credit Reference Information System status.
As of Aug 11,, 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% 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.
Source: The Star
