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B40, M40 & micro-enterprise customers may apply for enhanced targeted repayment assistance

by moneycompass
November 24, 2020
in Local Corporate News
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OCBC bank asisstance
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KUALA LUMPUR – From 23 November, B40, M40 and micro-enterprise customers of OCBC Bank (Malaysia) Berhad (OCBC Bank) and OCBC Al-Amin Bank Berhad (OCBC Al-Amin) may apply online at www.ocbc.com.my for the enhanced targeted repayment assistance plans announced earlier this month by the Finance Minister.

The enhancements to the assistance plans involve B40 customers who are recipients of Bantuan Sara Hidup  (BSH)/Bantuan Prihatin Rakyat (BPR), M40 customers on Bantuan Prihatin Nasional (BPN), and micro-enterprises with loans or financing where the original facility amount is up to RM150,000.

Under the enhanced targeted repayment assistance programme, eligible B40 customers may opt for a 3- month deferment of installments or a 6-month reduction in installments by 50% by applying online without the need to furnish any documentation.

M40 group customers who wish to apply for a 6-month reduction in installments by 50% also do not need to furnish any documents; however, a self-declaration will be required. Those in the M40 group requiring the existing extension packages or wish to apply for more than six months of 50% reductions in installments will continue to need to furnish the relevant documents.

OCBC Bank (Malaysia) Berhad CEO Dato’ Ong Eng Bin reminded those who are affected not to hesitate to come forward to seek assistance as the spirit of the plan is to ensure no one gets left behind.

“Like before, those affected by the pandemic and need assistance should not hesitate to approach us immediately for assistance. We are mindful of the harsh effects of the pandemic on both individuals and businesses these past few months and are ready to offer the necessary help to those in need.”

Only loans that were approved before 1 October 2020 and are not in arrears exceeding 90 days as at date of request by the borrower are eligible for the enhanced targeted repayment assistance. For married couples who are eligible for BSH/BPR based on household income, both husband and wife are eligible for the package if they have bank loans or financing.

Those who opted out of the blanket moratorium (announced in March 2020) are also eligible for this  enhanced  targeted repayment assistance are required to indicate acceptance of the revised terms and formally confirm this with the Bank.

This involves signing fresh documentation in relation to the hire purchase facility to ensure that the rights of all parties continue to be preserved and protected as required under the provisions of the Hire Purchase Act 1967 which governs the financing granted. Similar process and documentation requirements apply to customers with fixed rate Islamic financing facilities.

The enhanced targeted repayment assistance also applies to micro-enterprises with loans where the original facility amount is up to RM150,000.  Such micro-enterprises must fall within the definition of a micro-enterprise, according to the Guidelines on SME Definition issued by SME Corporation Malaysia, and include business entities across all sectors with sales turnover of less than RM300,000 or have less than 5 full-time employees.

 

Read more: 90% of SME digitalisation initiative applications approved 

Tags: B40M40OCBC BankSME
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