SMS to CIMB’s affected customers upon moratorium expiry

By ANIS FARHANAH MALEK
anisfarhanah@dagangnews.com

KUALA LUMPUR 3 August - CIMB Group will send an SMS to more than 300,000 individuals and 10,000 small and medium-sized enterprises (SMEs) from 3 August 2020 who are  potentially most affected upon the expiry of loan moratorium. 

CIMB in a statement said, in line with Prime Minister, Tan Sri Muhyiddin Yassin's recent announcement on the government’s extended COVID-19 relief initiatives, the bank rolls out convenient and seamless targeted payment programmes to customers.

“Individual customers or borrowers who have lost their jobs since 1 January 2020, and who remain unemployed, will be given a 3 months payment relief.

“Individual customers or borrowers who have suffered a decline in income will be eligible for a commensurate reduction of monthly payments for at least 6 months. This will include Hire Purchase financing where affected customers will be offered revised monthly payments, together with an extension of tenure. 

“Other affected SMEs, corporates and individuals will be offered several options which include an extension of the existing relief programme, profit or interest servicing only, possible extension of the loan or financing tenure to enable lower monthly installments and amending other terms and conditions of the loan or financing where appropriate,” said the statement.

CIMB has employed data analytics to identify those potentially most affected and will be proactively engaging these customers. Upon the SMS receival, customers are advised to follow the simple instructions and complete their applications by 20 August 2020.

Meantime, Group Chief Executive Officer of CIMB Group, Datuk Abdul Rahman Ahmad said, the bank understands that their customers, faced with the prolonged impact of the pandemic, are anxious about the commencement of payments. 

“As part of our commitment to provide a seamless customer experience, CIMB will simplify and expedite the application and approval process. As the end of the blanket moratorium is fast approaching, impacted customers are encouraged to contact us as soon as possible to discuss options with CIMB,” said him in the same statement. 

Customers who do not receive an SMS from CIMB, but are anticipating difficulties in commencing payments after 30 September 2020, are encouraged to get in touch with the bank from 7 August until 7 September 2020, via phone at 03-62047788, email at covidcare@cimb.com or by visiting any CIMB branch.

Customers are assured of automatic approval, provided that satisfactory documentary evidence is given confirming the customer’s situation. 

Further, their take up of any financial assistance will not impact their CCRIS (Central Credit Reference Information System) status as long as borrowers continue to make the loan or financing payments promptly based on the agreed revised repayment schedule. 

But, for those whose livelihoods have not been affected, CIMB strongly urges them to resume payment of their loans or financing in October 2020. - DagangNews.com