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See also: Moratorium Series 3: CIMB and Maybank
Table of Contents
The second part of the Moratorium series will cover the moratorium assistance offered by Bank Islam. In a media release dated August 2, 2020, the Chief Executive Officer of Bank Islam announced that Bank Islam will initiate additional moratorium assistance following the expiry of the six-month blanket moratorium assistance. Subsequently, Bank Islam launched the ‘Program Prihatin Bersasar’ (PPB) and ‘Program Bantuan Pembayaran Balik Bersasar Dipertingkatkan untuk Kategori B40 dan M40’.
If you are a customer of Bank Islam and would like to know more about these two initiatives, here are some key information for you:
Below are the two main group of customers who are eligible for PPB:
|1||Those who have been retrenched
in 2020, including contract workers
and self-employed individuals, and
have not found employment at the
time of application.
|Extension of the moratorium for
|2||Those who have experienced a
deduction in salary (which includes
allowance, overtime allowance) in
|Deduction in monthly repayment,
equivalent to the reduction in
income (for a period of six months)
However, do take note that these packages are not applicable to bankrupt individuals.
Additionally, those who fall under these categories are also eligible:
For those who fall under these four categories, they may be given a temporary deferment of monthly repayments or a deduction in monthly repayment that is equivalent to the reduction in income, but these are subjected to the bank’s discretion.
If you are eligible and would like to apply, here are two ways that you can submit your application:
Depending on if you are employed, self-employed, or a business owner, here are the list of documents that you are required to submit:
|1||Self-employed individuals whose
businesses are still in operation
but have been affected due to the
|A sworn affidavit stating the
individual is self-employed, the
type of business/income and
the affected business/income.
|2||Self-employed individuals whose
businesses were affected by the
pandemic and are no longer
|A sworn affidavit stating the
individual is self-employed,
the type of business, and the
date of the business closure.
FAQs for PPB:
How will I know the status of my application?
The bank will notify you by normal mail or e-mail.
I have opted out of the earlier automatic moratorium scheme. Can I still apply for PPB?
Yes, you may. However, you must fulfil the eligibility criteria for PPB and your facility must be less than 90 days overdue.
Other than PPB, Bank Islam also has launched the ‘Program Bantuan Pembayaran Balik Bersasar Dipertingkatkan untuk Kategori B40 dan M40’, or the Upgraded Targeted Repayment Assistance Programme for the B40 and M40 Categories (TRAP).
To know if you qualify for this initiative, below are the eligibility criteria and the mechanics of the programme:
Eligible customers under this category can choose from either of these options:
Customers who qualify will be entitled to either one of these options, depending on which category they belong to:
However, all individuals must comply with the following:
Do take note that each customer is only allowed to apply for this program once throughout its duration. Any subsequent applications will be evaluated under PPB or the rescheduling and restructuring package.
Kindly refer to the below 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:
B40 Category: Income threshold is RM 4,849 per month.
M40 Category: Income threshold is between RM 4,850 and RM 10,959 per month.
There are two options for you to apply, which are:
No documents needed.
A self-declaration letter stating that the individual has lost his/her job or experienced a reduction in his/her income or overall household income due to the pandemic (depending on the type of package that the individual is applying for).
Do take note that upon approval, the bank has the right to request for these supporting documents as confirmation:
FAQs for TRAP:
Is there a deadline?
Yes, the deadline to apply for this initiative is Jun 30, 2021.
I have previously opted-out of the automatic moratorium programme but would like to apply for this initiative. Am I eligible?
Yes, you are.
How long does it take for the bank to process my application?
Bank Islam has committed to inform the status of your application within five calendar days from the time a completed application is received. You will be notified via email, SMS, or normal mail.
Should you require any further assistance, would like to gain more information, or wish to discuss more to decide on the best solution for you, you may contact Bank Islam at 03-2690 0900.
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