Maybank announces RM300 million in emergency financing for customers affected by flood
- special packages to assist Maybank customers on top of recent moratorium
Maybank today announced the allocation of RM300 million in special emergency financing facilities to aid its existing loan customers in flood affected areas in Malaysia.
The facilities will be available to existing customers of both Maybank and Maybank Islamic Bhd having mortgages, unit trust financing or business financing including small & medium enterprises (RSME) packages, on a case-to-case basis.
Group President & CEO of Maybank Datuk Abdul Farid Alias, said the emergency financing packages are part of the Group’s efforts to lighten the burden of customers affected by the floods, and are on top of the recent six-month moratorium announced by the Bank last month.
“We do realise that customers who are affected may need additional financial help to re-start their lives or their businesses once the floods have receded,” he said. “This includes cash to help them repair their homes, purchase necessities and furnishings or for working capital to ensure that their businesses can quickly generate income again.”
“We want to support them at this difficult time and believe that our facility is an effective way to contribute positively to our customers, in line with our mission to humanise financial services,” added Datuk Farid.
“At the same time, we are confident that whatever help we extend to our customers will speed up recovery of economic activity in affected areas.”
Under the emergency financing facilities, existing mortgage and unit trust financing customers who have re-paid part of their loans can apply to re-draw from their loan accounts, up to the limit of the original facility offered by the Bank or RM50,000 whichever is lower.
Existing Retail SME (‘RSME’) customers whose businesses have been affected by the flooding may apply for additional working capital facilities to facilitate business resumption. Discounts in interest rates for eligible RSME customers will be provided on these facilities together with a six month moratorium on repayment from disbursement.
Datuk Farid added that to alleviate the financial burden of the customers, loan applications under this special emergency financing scheme will be fast-tracked to assist qualified applicants benefit from this programme as soon as possible.
Eligible customers can visit any nearest Maybank branch to apply for this facility.
On 23 December, Maybank announced a 6 month moratorium on instalment payment for loans and waiver of certain charges based on a case-to-case basis for customers affected by the flood in various states in Malaysia.