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See also: Moratorium Series 2: Bank Islam
Table of Contents
On March 17, 2021, the Prime Minister of Malaysia, Tan Sri Muhyiddin Yassin, unveiled the People and Economic Strategic Empowerment Programme, or PEMERKASA stimulus package. During the unveiling of the sixth stimulus package from the Malaysian government, Tan Sri Muhyiddin Yassin also took the opportunity to assure Malaysians that the targeted moratorium assistance is still available. The moratorium initiative has been key to provide a much-needed helpline for 1.4 million individual borrowers and Small and Mid-size Enterprises (SME), and has an approval rate of up to 95%, according to the Prime Minister.
With that in mind, let’s take a look at the mechanics of the targeted moratorium assistance in Public Bank, Bank Islam, CIMB and Maybank, which are popular local banks in Malaysia. The first part of this three-part series will be on Public Bank’s moratorium assistance initiatives.
To provide moratorium assistance to its customers, Public Bank has two programmes for its retail customers, which are:
However, the loan/financing to qualify for both of these programmes must be less than 90 days overdue.
However, Public Bank has also asked for customers to take note of the following conditions for Options 1 to 4:
For applicants who qualify, digital applications can be made here. You will be directed to the below screen:
Simply select if the financing is under individual or joint names, proceed to key in your identity card or passport number and the account number before clicking ‘Submit’.
For applicants who would like to submit a non-digital application, you may access the forms here:
Do take note that you will also need to submit verifying documents such as a termination or retrenchment letter, Voluntary Separation Scheme or Mutual Separation Scheme letter.
You may submit your forms to any Public Bank, Public Islamic Bank Berhad, or Credit Control Centres. Find out the nearest branch from where you are by simply clicking here.
Frequently Asked Questions for TRA
I am still unemployed after losing a job. Am I still eligible to apply for a further three months of zero instalment repayment?
Yes, you may apply under ‘Other Option’ from January 2021 to March 31, 2021.
Is there a Supplementary Letter of Offer that I would need to accept?
Yes, upon approval of your application, a Supplementary Letter of Offer will be sent to you via encrypted email. You have seven days to digitally accept the Supplementary Letter of Offer from the date of the bank’s approval, however this deadline may be extended at the bank’s discretion. Do take note that for joint names financing, each borrower must accept this Supplementary Letter of Offer digitally and individually.
Public Bank launched the Expanded Targeted Repayment/Payment Assistance (ETRA) initiative to provide relief for customers who meet the qualifying criteria, which are stipulated below:
To make things more convenient for customers, Public Bank is agreeable to accept a self-declaration on the meeting of these criteria, with no submission of documentation required at this stage. However, the assistance will only be extended to non-credit impaired or non-bankrupt customers.
The income threshold for the B40 and M40 categories, as per the 2019 Household Income and Basic Amenities Survey Report by the Department of Statistics Malaysia are as per below:
Under ETRA, there are two options for eligible customers to choose from:
Option 1: Three months deferment in repayment/payment (zero instalments)
Option 2: 50% reduction of existing monthly loan/financing instalment/interest/profit for a period of six months
The revised repayment or payment arrangement will take effect in the following month.
According to Public Bank, there will be no changes to your existing interest/profit rate.
However, there will be a higher overall borrowing/financing cost as a result of deferred payment (except for Islamic Financing under fixed-rate and BAE personal financing). The additional cost will be stipulated in the electronic Notification Letter which you will receive via email upon successful submission.
There are two ways to opt-in to ETRA, which are:
For customers who prefer to opt-in digitally, you may do so by clicking here. You will need to indicate if the financing is under an individual name or joint names. Then, proceed to key in your identity card or passport number, as well as the loan account number before clicking ‘submit’.
Do take note that an electronic notification letter will be sent to your email upon successful submission of your digital opt-in confirmation. The deadline for digital opt-in confirmation is June 30, 2021.
If your name is not included in the list of customers under ETRA, you may choose the non-digital opt-in confirmation.
Under this option, you will need to print out the following form and walk into any Public Bank, Public Islamic Bank Berhad branches or Credit Control Centres to submit the form. To find out the nearest Public Bank branch from you, simply click here.
If you are wondering where you can obtain the required form, simply click the link below:
Forms for B40 Category:
Forms for M40 Category:
Frequently Asked Questions for ETRA
If I opt-in for the ETRA, I understand that there will be a higher overall borrowing/financing cost due to the deferred payment. Before opting-in, how can I know exactly how much the increase would be?
You may contact any one of the helpdesk hunting lines (at the end of this article) for assistance on this matter.
I have just realised that the e-mail address I provided earlier is no longer in use. How can I update my new email address so I can receive the electronic Notification Letter?
You can easily do so via your online banking or visit any Public Bank branches to update your email address.
I chose to opt out of the automatic moratorium granted from April to September 2020. Will I still be eligible for ETRA opt-in confirmation?
Yes, you are.
Should you require further assistance, below are the list of contact for Public Bank Help Desks:
|wdt_ID||Branches||Helpdesk Hunting Lines|
|1||Wilayah CCC||03 - 2176 7470|
|2||Selangor CCC||03 - 2176 7470|
|3||Credit Control and Supervision / Non-CCC||03 - 2176 7470|
|4||Klang CCC||03 - 3342 2467|
|5||Melaka CCC||06 - 288 1518|
|6||Seremban CCC||06 - 766 5555|
|7||Johor CCC||07 - 222 2949|
|8||Penang CCC||04 - 262 3376|
|9||Ipoh CCC||05 - 253 0000|
|10||Kota Kinabalu CCC||088 - 487 169|
Monday to Thursday: 8.45 am to 5.45 pm
Friday: 8.45 am to 4.45 pm
Closed on Public Holidays
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