Dear Valued Customers,
We understand that some of you may be impacted by circumstances surrounding the COVID-19 outbreak. To help you overcome challenges due to this global pandemic, we have developed several initiatives to help you manage the impacts of this unprecedented event.
Dear Valued Customers
Additional Process for Payment Deferment of Hire Purchase/ Hire Purchase-i
Pursuant to the announcement made by Bank Negara Malaysia (“BNM”) on 30 April 2020 in relation to the automatic 6-month loan/ financing payment deferment (“Moratorium”), Hire Purchase/ Hire Purchase-i (“HP/ HP-i”) customers are required to take additional steps in order to complete the process of deferring their loan/ financing payments under the Moratorium.
We are pleased to inform that AmBank Group will not charge interest/ profit for HP/ HP-i facilities during the Moratorium period*.
HP/ HP-i customers, who have notified the bank of their choice to not take up the Moratorium (“Opt-Out”) following the earlier announcement by BNM on 25 March 2020 (“Original BNM Announcement”), are not required to take any further action. Please continue making your monthly instalment payments according to your HP/ HP-i agreement.
Meanwhile, HP/ HP-i customers who have either notified the bank of their choice to take up the Moratorium or have not made their monthly payments following the Original BNM Announcement (“Opt-In”), are required to complete the process by 30 June 2020 in order to Opt-In (and accept the revised terms of your HP/ HP-i facility) or to Opt-Out of the Moratorium.
Please complete the process via AmOnline, from 18 May 2020 onwards, by following the steps below. :
If you choose to Opt-In of the Moratorium, please be advised that:
*For fixed rate HP/ HP-i
If you choose to Opt-Out of the Moratorium, you are required to pay the instalments for April, May and June 2020 by 30 June 2020. No late payment interest or charges shall be imposed for the instalments for April, May and June 2020 if the payments are made by 30 June 2020.
To view a simple infographic on how to complete this process via AmOnline, please click here.
In the meantime, please stay safe and take care at all times.
Thank you for banking with us.
6-Month Moratorium of Loan/ Financing Payments
We are offering the automatic* deferment of all individual and small & medium enterprise (SME) loan/ financing payments for a period of six (6) months, effective Wednesday, 1 April 2020 (“Moratorium”). This offer is applicable to all Malaysian Ringgit denominated loans/ financing which are not in arrears for more than ninety (90) days on 1 April 2020. Whilst interest/ profit will continue to be accrued within the 6-month moratorium period, we will not compound the interest/ profit within this period.
All Standing Instructions and Auto Debit to pay your loan/ financing facilities will be suspended so that you will enjoy the automatic* payment deferment. Please complete the Opt Out Form if you wish to continue with your Standing Instructions and/or Auto Debit.
*Pursuant to the announcement made by Bank Negara Malaysia (“BNM”) on 30 April 2020, customers with the following products are required to take additional steps in order to complete the process of deferring their loan/ financing payments under the Moratorium:
Please refer to the above section.
Repayment Flexibility for Trade Finance
We understand that our SME customers may be facing disruptions to their supply chain and prolonged collections. To address this, customers who are eligible will be able to extend the maturity date of their trade bills, or convert their outstanding trade bills to Term Loans/Term Financing-i.
For more information, contact your dedicated Relationship Manager
Conversion of Credit Card Facilities
For credit card facilities, we are offering customers the option to convert outstanding balances into term loan/financing for a tenure of thirty six (36) months at 13.0% p.a.
All customers can perform daily transactions, payments, transfers and investments via the following channels:
Precautionary Measures at our Branches
Please be informed that all our branches are still operating for your convenience. However, to contain the outbreak of COVID-19, we are taking the following precautionary measures:
We will continue to provide updates on new developments that emerge regarding the COVID-19 outbreak.
Stay safe and take care, everyone