Repayment Assistance Programme


1. What is the new Repayment Assistance (RA) Programme and who are eligible?

As announced by the Prime Minister on 28 June 2021, we are offering the following packages to our affected customers:

Category of Customers Repayment Assistance
  1. All individual customers (B40, M40 or T20)
  1. Payment deferment for a period of 6 months;
    OR
  2. 50% reduction in the monthly instalment payment for a period of 6 months
  1. Microenterprises*
  1. Any SME* whose financial condition has been adversely affected by the pandemic

* any SME or microenterprise as defined in the Guideline on SME Definition issued by the SME Corporation Malaysia.

Please be advised that during the 6-month period of the Repayment Assistance:

  1. Interest/Profit continues to accrue; and
  2. The Bank can recover the interest/profit from changes in instalment payments.

Further to these:

  1. All accrued interest / profit / late charges will not be compounded during the deferment period. The accrued amount will be paid after the deferment period is over.
  2. Instalment amount will be deferred with interest/profit charged and there will be an extension of tenure. In general, extension of tenure will not be more than 24 months.
  3. There will be an increase in the cost of borrowing/financing, on the overall payoff amount, mainly due to instalment being deferred with interest/profit charged due to extended tenure.

For individual or business customers who are not eligible for any of the abovementioned schemes, we are also providing other Repayment Assistance Programmes to suit your financial needs and circumstances in our efforts to help alleviate your burden, subject to our internal evaluation

2. What loan/financing accounts are eligible under the Repayment Assistance Programme?

Any of the following loans/financing facilities which was approved before 1 July 2021 and remain performing, i.e., not in arrears exceeding 90 days as at the date of application by the customer:

  1. Housing Loan/Financing
  2. Personal Loan/Financing-i (Government Civil Servant / Angkasa)
  3. Vehicle Loan/Financing
  4. Hire Purchase Loan/Financing
  5. Credit Card/Credit Card-i
  6. Term Loan / Financing-i secured by ASB/ASB2 Certificate
  7. Term Loan/Financing that has been converted from Credit Card/Credit Card-i balances
  8. SME Working Capital Term Loan/Financing
  9. SME Business Property Loan/Financing
  10. Overdraft/Cash Line Facility-i
3. When is the effective date?

The assistance is available to eligible customers from now until 31 December 2021.

4. How do I request for it?

All individuals and businesses in need of Repayment Assistance may:

  1. Submit your request on our website: ambank.com.my/RAform (for individual) / ambank.com.my/RAformSME (for SME); OR
  2. Call the following numbers:

    Individual Customers

    • 03-2178 8888 (Operational daily from 8.00 a.m. to 8.00 p.m.)

    Business Customers

    • 03-2178 3188 (Operating hours: Monday to Thursday, from 8.45 a.m. to 5.45 p.m. and Friday, from 8.45 a.m. to 4.45 p.m.); or
    • You may also reach out to your Relationship Manager


    For Hire Purchase Loan/Financing under the Hire Purchase Act, and Fixed Rate Islamic Financing, a supplementary agreement will be sent detailing the relevant changes in your loan/financing for your acknowledgement. This acknowledgement is required for the Repayment Assistance to take effect.

    For Credit Card/-i, you may submit your request via AmOnline app. Kindly refer to ambank.com.my/btl6 for more details.

5. What documents do I need to submit?

The Bank will not require documentation from customers to prove eligibility.

However, the Bank may request for supporting documents from you for post-validation purposes. The Bank has the right to rescind the application if the information given was not correct.

6. How long does it take to approve my application?

The Repayment Assistance will be immediately approved to eligible customers upon submission of your request.

For customers who are not eligible for any of the abovementioned packages, we are also providing other Repayment Assistance Programmes to suit your financial needs and circumstances in our efforts to help alleviate your burden, subject to our internal evaluation. Your application will be approved within 48 hours, should you meet the eligibility criteria.

7. How and when do I know that my application is successful?

The Repayment Assistance will be immediately approved to eligible customers upon submission of your request.

Following this, the Bank will notify you within 5 calendar days for individual and 14 calendar days for SME, on the details of your request.

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8. If I am not eligible for any of the abovementioned packages, can I still apply for any Repayment Assistance Programmes?

For customers who are not eligible for any of the abovementioned packages, the Bank can provide other Repayment Assistance Programmes to suit your financial needs and circumstances in our efforts to help alleviate your burden, subject to our internal evaluation. The Bank may also refer you to Credit Counselling and Debt Management Agency (AKPK) for further financial advice on managing your debt.

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9. I have applied for the existing Repayment Assistance/Payment Holiday. Can I still opt for this new Repayment Assistance Programme?

Yes, the Bank can accommodate the request from you, although you have already signed up for the existing Repayment Assistance/Payment Holiday. Your new request will only take effect upon expiry of the current or existing assistance.

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10. I have an existing 3 months Payment Holiday; can I get the new 6 months Payment Holiday?

Yes, you can apply for the new 6 months Payment Holiday and it will be added into your current schedule once application is approved and processed.

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11. When must I apply? Can I choose to apply later, e.g., any time next year?

You can confirm the assistance required at any time between now to 31 December 2021. Please take note:

  1. The assistance will commence from your next instalment.
  2. The assistance will be made available for instalments due in July 2021 onwards.
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12. Will my existing monthly instalment / payment amount change after the deferment period?

Your monthly instalment / payment amount will remain the same amount* after the deferment period.

* The amount may change if there is a change in the Base Rate (“BR”)/ Base Lending Rate (“BLR”)/ Base Financing Rate (“BFR”), which impacts variable rates loans/financing.

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13. What must I know about the Repayment Assistance Programme before deciding on the available options?

We do understand that these are still challenging times. Hence, AmBank/AmBank Islamic is committed to provide you with the right assistance and support in meeting your payment obligations.

However, before you confirm your selection, please be advised and acknowledge that:

  1. Your monthly payment amount and/or loan/ financing tenure will be adjusted to reflect the higher overall financing cost; and
  2. For Hire Purchase and Islamic financing facilities, new documents or agreements will need to be signed in accordance with the legal and Shariah requirements before the assistance can take effect.

Further to the above, you are also advised to understand the specific details on the cost implications of the assistance, before proceeding to confirm your selection. These include the details on the changes in the payment schedule whereby there will be an extension of tenure, increase in monthly instalment and any balloon/bullet payments due in the future.

Moving forward, in the event your financial status has improved and you are capable to increase your monthly payments for your loan/financing, kindly contact us to revise the payment term.

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14. Is there any impact to the financial record, especially CCRIS, for customers who are opting for the Repayment Assistance?

Your CCRIS record will not be impacted by this Repayment Assistance Programme. Your CCRIS record will remain status quo as per before the Repayment Assistance take places.

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15. What is the cost implication in choosing the available options?

The cost will include the accrued interest/profit during deferment period. For more details, please contact us to provide you with the cost implications:

Individual Customers

  • 03-2178 8888 (Operational daily from 8.00 a.m. to 8.00 p.m.)

Business Customers

  • 03-2178 3188 (Operating hours: Monday to Thursday, from 8.45 a.m. to 5.45 p.m. and Friday, from 8.45 a.m. to 4.45 p.m.); or
  • You may also reach out to your Relationship Manager
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16. Can I ask for refund of Repayment Assistance in July 2021 on installment that has been paid for July due date?

For Repayment Assistance application received in July, you can apply for a refund on the amount paid. Please note that the refund may take a longer time to process as this is a manual computation. We will keep you informed.

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17. If the 50% reduction of my instalment payment cannot cover the monthly interest / profit, what can the Bank offer me?

In the event the 50% reduction of your instalment payment cannot cover the monthly interest / profit, the Bank may proceed to offer you with a Payment Holiday for a period of 6 months.

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18. During the deferment period, what should I do?

In the event your financial status has improved, and you are capable to increase your monthly payments for your loan/financing, you are encouraged to service any amount that you can afford to reduce your loan/financing.

In the event, your account is in arrears; it is advisable for you to attempt to normalise the arrears amount (if any) during the payment holiday period.

 

Updated as of 16 July 2021