News Update
 
Additional Financial Assistance Introduced by Bank Negara Malaysia with effect from 23 November 2020  

Subsequent to the Budget 2021 announcement by the Finance Minister on 6 November 2020, Bank Negara Malaysia has introduced the enhanced repayment assistance for the following:

  • Individuals who fall within the B40 and M40 categories.
  • Micro enterprises with approved loan amounts of up to RM150,000.

For eligible SME customers, BNM has announced the establishment of the Targeted Relief and Recovery Facility (TRRF) to support targeted SMEs affected by COVID-19 which will be available from 1 December 2020.

In addition to TRRF, BNM will also be introducing the following new facilities under BNM’s funds for SMEs, which will be communicated once launched:

  • High Tech Facility (HTF).
  • Enhanced Micro Enterprise Facility (MEF) for participating FIs under Skim Pembiayaan Mikro (SPM).

KEY OPERATIONAL FEATURES

For individuals in B40 category

  1. Eligibility
    1. Any customer categorized as B40 and registered in the Bantuan Sara Hidup (BSH) database, i.e.:
      1. B40 household (monthly income ≤ RM4,000); or
      2. B40 single (monthly income ≤ RM2,000)
    2. A customer whose spouse is a BSH recipient.
    3. A customer who had opted out of the blanket moratorium announced in March 2020.
    4. A customer who had already signed up for targeted repayment assistance.

  2. Eligible facilities
    Any of the following credit facilities, if they were approved before 1 October 2020 and remain performing (not in arrears exceeding 90 days as at date of confirmation by customer):
    1. Housing loan / financing
    2. Personal loan / financing
    3. Vehicle loan / financing
    4. Hire purchase loan
    5. Term loans / financing that have been converted from credit card balances

  3. Available Options
    1. Option 1 :
      3-month deferment of instalments

    2. Option 2 :
      50% reduction in instalments for 6 months

    For both options,
    • Interest / profit continues to accrue on deferred amounts.
    • Additional interest costs may be charged from changes in contractual cash flows.

    The assistance will be available to eligible customers for selection from 23 November 2020 until 30 June 2021.

  4. Process
    Customer can confirm the assistance required at any time between 23 November 2020 and 30 June 2021.
    • The assistance will commence from the customer’s next instalment.
    • The assistance will be made available for instalments due in December 2020 onwards.

For individuals in M40 category

  1. Eligibility
    Any customer categorized as M40 and registered in the Bantuan Prihatin Nasional (BPN) database:
    1. M40 household (monthly income RM4,001 to RM8,000)
    2. M40 single (monthly income RM2,001 to RM4,000)

  2. Process
    Customer only needs to furnish self-declaration that their own income or their household income (i.e. combined income of customer and their spouse) is experiencing a reduction due to the pandemic. Nevertheless, you may be required to provide supporting documents (i.e. pay slips, bank statements) later for validation purposes.

For eligible micro enterprises with financing valued up to RM150,000

The repayment assistance for the B40 categories will be extended to eligible microenterprises i.e. to any customer who is defined as micro enterprises according to the Guideline on SME Definition issued by SME Corporation Malaysia.

This would include business entities across all sectors with:
  • Sales turnover of less than RM300,000; or
  • Less than 5 full-time employees.

For eligible Small and Medium Enterprises (SMEs)

Targeted Relief and Recovery Facility (TRRF)

  1. Eligibility
    Malaysian SMEs in the services sector that are adversely affected by the reintroduction of COVID-19 containment measures since June 2020, with the exception of tourism and tourism-related subsectors, such as:
    1. Personal services (e.g. repair of computers / household goods, laundry, hairdressing, beauty)
    2. Food and beverage service activities
    3. Human health and social work activities
    4. Arts, entertainment and recreation
    5. Wholesale and retail trade
    6. Business services (e.g. professional, scientific and technical activities; administrative and support service activities)
    7. Note: Recipients of Special Relief Facility (SRF), PENJANA SME Financing (PSF) and/or PENJANA Tourism Financing (PTF) shall not be eligible for the TRRF.

  2. Key Features
    1. Purpose of financing for working capital only;
    2. Maximum financing size of RM500,000 per SME and RM75,000 per microenterprise;
    3. Maximum repayment tenor of 7 years, with at least 6 months of moratorium on monthly instalments;
    4. Financing rate to SMEs of up to 3.50% p.a. (inclusive of guarantee fees); and
    5. Guarantee coverage of 80% (at a 0.50% p.a. guarantee fee) is available from Credit Guarantee Corporation Malaysia Berhad (CGC) or Syarikat Jaminan Pembiayaan Perniagaan (SJPP) for SMEs.


  3. Availability
    From 1 December 2020 until 31 December 2021 or until fully utilized (whichever is earlier).

For assistance or clarification in relation to the additional financial assistance mentioned above, you may contact the following officer, your Relationship Manager or any of our branches:

Name of Officer : Fazlin Aida bt. Reduan
Contact No. : 03 2174 6806
E-mail : fazlin.aida@bangkokbank.com

Telephone numbers of our branches are as follows:

Branches

Kuala Lumpur : 03 2174 6919
Johor Bahru : 07 353 3001
Penang : 04 501 2388
Klang : 03 3325 2178
Muar : 06 953 1001
 
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