Frequently Asked Questions

  1. Post-Moratorium Payment Assistance and Eligibility

1. When does the 6-month Automatic Moratorium Programme end?

This Programme ends on 30 September 2020.

Your monthly instalment payments will resume from 1 October 2020. As such, we advise that you plan accordingly and ensure sufficient balances are available in your account for auto debit payments or standing instructions.

2. What should I do if I am unable to resume my regular instalment payment from October 2020?

You may apply for Repayment Assistance on our website:
ambank.com.my/RA.

We encourage you to submit your request as soon as possible so that there is sufficient time for us to process your request in order for it to take effect from 1 October 2020.

3. How does the Repayment Assistance Programme work?

It is a tailored plan to suit your payment capability, to ease and meet your monthly financial commitment for your financing facility.

Please submit your request on our website:
ambank.com.my/RA.

Our review team will revert on your application.

Please be advised that you may incur higher overall interest / financing costs depending on the Repayment Assistance option you have chosen.

4. Would I be able to request for Repayment Assistance?

Assistance can be requested for all individual and SME loans/financing facilities (excluding Credit Cards).

Please submit your request on our website:
ambank.com.my/RA.

Our review team will revert on your application.

5. Would this assistance programme be automatic or would I need to apply?

This programme (unlike the Automatic Moratorium Programme from 1 April to 30 September 2020) will require an application to be made through our website:
ambank.com.my/RA.

SME customers may also contact your dedicated Relationship Manager for assistance.

6. If I had opted out for Automatic Moratorium previously and have been paying my instalment during this moratorium period, can I still apply for Repayment Assistance today?

Yes. Kindly submit your interest on our website:
ambank.com.my/RA.

SME customers may also contact your dedicated Relationship Manager for assistance.

Our review team will revert on your application.

7. What if I am currently unemployed, on unpaid leave or under salary deduction/ pay cut? How can the bank help me?

The bank will assess your situation and discuss on the possible solutions with you.

If you have lost your job in 2020 and are still seeking for a new job, and you need an extension of 3-month moratorium on the payment of your loan/financing, please submit your request to us

If you are experiencing income reduction due to COVID-19, and you need a reduced monthly payment on your loan/financing, please submit your request to us.

Please submit any documents that show your loss of employment or income reduction to support your request, for example

  • Letter of Termination / Unpaid Leave from your employer, or
  • Salary slips, or
  • Bank account statements

Kindly submit your interest on our website:
ambank.com.my/RA.

Our review team will revert to you on your application.

8. If I am a Bankrupt or my business has wound up, can I still apply for Repayment Assistance?

We regret to inform that we are not able to process your request for any Repayment Assistance. Kindly contact your officer at your Department of Insolvency Malaysia’s branch to discuss on your payment with all debtors.

9. If my joint account holder is a Bankrupt, can I still apply for Repayment Assistance?

Consent from the Department of Insolvency Malaysia will be required for your joint account holder to proceed with the Repayment Assistance application.

Kindly submit your interest on our website:
ambank.com.my/RA.

The consent letter from the Department of Insolvency Malaysia will be required for the application.

10. Do I need consent from my joint account holder/guarantor for Repayment Assistance?

Yes. Consent is required from all account holders of joint accounts and all guarantors. AmBank will communicate with your joint account holders and guarantors separately.

  1. Features and Processes

1. What documentation is required for Repayment Assistance application?

For Individual customers, there would be no additional documents required for the Repayment Assistance submission, unless your current facility has overdue payments for 3 months or more.

For SME customers, your Relationship Manager may request for the necessary documents applicable to your company.

Kindly submit your interest on our website:
ambank.com.my/RA.

2. Will the tenure and therefore, maturity date of my facility change if I opt for Repayment Assistance?

You will have a number of financing options to choose from; one of which where the maturity date, or tenure of the facility, can be extended.

Please be advised that you may incur higher overall interest / financing costs for this option. Further details will be made available once your application is reviewed.

3. Is there any financial record impact (especially CCRIS) for customers opting for Repayment Assistance?

Your CCRIS record will not be impacted by this Repayment Assistance Programme if your application is approved before 30 June 2021.

4. Would I need to alter my existing standing instruction(s) at AmBank or elsewhere in accordance with the Repayment Assistance option chosen?

Yes, this will need to be initiated by you once you are informed of the details of your revised payment plan.

5. How will I be informed of the changes to the Terms and Conditions of my revised financing facility?

A letter of offer will be sent detailing the relevant changes to your financing facility for your acknowledgement. This acknowledgement is required for the repayment assistance to take effect.

For Auto Finance facilities, a supplementary agreement will be sent detailing the relevant changes for your acknowledgement. This acknowledgement is required for the repayment assistance to take effect.

  1. Fees and Charges

1. Will there be any special/additional processing fees and charges imposed if I request for Repayment Assistance?

No. You will not be charged with any special/additional processing fees or charges.

2. Will there be any stamp duty for the Repayment Assistance?

There is no stamp duty if the Repayment Assistance is executed on or before 31 December 2020, as per the Federal Government Gazette on Stamp Duty (Exemption) (No. 2) Order 2020, dated 21 May 2020.

  1. Alternative Financial Redress Channels

1. What alternatives do I have should my submission for Repayment Assistance be declined?

You may seek assistance from the following agencies:

  1. Credit Counselling and Debt Management Agency (for individual) at www.akpk.org.my / 03-26167766
  2. Small Debt Resolution Scheme (for SME) at www.smeinfo.com.my / 1-300-88-5465

 

Updated 29 July 2020