Repayment Assistance Programme


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

As announced by the Prime Minister on 31 May 2021, and by The Association of Banks in Malaysia (ABM) and the Association of Islamic Banks in Malaysia (AIBIM) on 1 June 2021, we are offering the following packages to our affected customers:

Category of Customers Repayment Assistance
  1. Loss of employment (B40, M40, and T20)
  1. Payment deferment for a period of 3 months;
    OR
  2. 50% reduction in the monthly instalment payment for a period of 6 months.
  1. B40 recipients of the Bantuan Sara Hidup (BSH) or Bantuan Prihatin Rakyat (BPR)
  1. Microenterprises with approved loan/financing facilities of less than RM150,000
  1. SMEs and microenterprises that are not allowed to operate due to movement restrictions*
  1. All individual loan/financing customers who suffered a reduction in income
Lower monthly instalments payment, commensurate to the reduction in their income

*any SME or microenterprise (as defined in the Guideline on SME Definition issued by SME Corporation Malaysia) that is not allowed to operate at the time of application due to movement control restrictions, i.e. businesses that are not on the list of permitted sectors as issued by the National Security Council or state governments.

Please be advised that:

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

Further to these:

  1. For conventional facility, all accrued interest accumulated shall be capitalised into the principal loan amount.
  2. For Islamic facility, any profit/compensation charges (ta'widh) will not be capitalised by the end of payment holiday. The accrued profit will be amortised for the remaining financing tenure.
  3. Instalment amount will be deferred with interest/profit charged and there will be an extension of tenure.
  4. There will be an increase in cost of borrowing/financing (on 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 June 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
  3. Vehicle Loan/Financing
  4. Hire Purchase Loan/Financing
  5. Credit card/-i
  6. Term Loan/Financing that has been converted from credit card balances
  7. SME Working Capital Term Loan/Financing
  8. SME Business Property Loan/Financing
3. When is the effective date?

The assistance will be available to eligible customers from 1 June 2021 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; 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.

As for the recipients of Bantuan Sara Hidup (BSH), we will rely on the BSH data which will be provided by Bank Negara Malaysia (BNM).

However, the Bank may request for supporting documents from you for post-validation purposes.

6. How long does it take to approve?

The Repayment Assistance will be provided to eligible customers upon submission of your request, if you are in any of the abovementioned categories. No further approval is necessary.

For 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. Your application should be approved within 48 hours should you meet the eligibility criteria.

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

You will receive an automatic acknowledgement of your application.

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

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

For 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.

​​​
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 and we will modify your assistance accordingly. However, we will discuss with you on the details of the changes that will take place prior to confirmation.

​​​
10. 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 1 June 2021 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 June 2021 onwards.
​​​
11. 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 is committed in providing 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.

​​​
12. Is there any impact 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.

​​​

Updated as of 17 June 2021