Targeted Repayment Assistance Programme - Frequently Asked Questions

  1. Targeted Repayment Assistance for individuals in B40 category

1. What is the Targeted Repayment Assistance (TRA) programme?

Following the Budget 2021 announcement, the Targeted Repayment Assistance (TRA) programme is to provide the following assistance to eligible customers / facilities upon confirmation of assistance required by customers.

Option 1

  1. 3-month deferment of instalments
    1. Interest/profit continues to accrue on deferred amounts
    2. The Bank can recover additional interest/profit costs from changes in instalment payments

Option 2

  1. 50% reduction in instalments for 6 months or monthly loan interest/profit (whichever is higher)
    1. If customers request for smaller reductions, the bank should accommodate this request.
    2. Interest/profit continues to accrue on deferred amounts
    3. The Bank can recover additional interest/profit costs from changes in instalment payments

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

Despite that, in the event that your financial status has improved and you are now capable of increasing the amount of monthly payments for your loan/financing, you may contact us to revise the payment term for your loan/financing.

2. Am I eligible for the TRA?

The TRA programme is made available to any customers who is categorised as B40 and registered in the Bantuan Sara Hidup (BSH) or Bantuan Prihatin Rakyat (BPR) database, namely

  1. B40 household (monthly income ≤ RM4,000); or
  2. B40 single (monthly income ≤ RM2,000)
3. What loans / financing accounts are eligible under the TRA programme?

Any of the following loans / financing 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/financing
  5. Term loans/financing that have been converted from credit card balances
4. When is the effective date?

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

5. How do I apply for it?
  1. For Hire Purchase Loan / Financing under the HP Act, and Fixed Rate Islamic Financing, you may
    1. Submit your TRA request on our website: ambank.com.my/TRA.
    2. Call our Customer Contact Centre on: 03-2178 8888 (Individual customers) – daily from 7.00 a.m. to 11.00 p.m.

    A supplementary agreement will be sent detailing the relevant changes for your acknowledgement. This acknowledgement is required for the repayment assistance to take effect.

  2. For Housing Loan / Financing, and other loans / financing,
    1. Submit your TRA request on our website: ambank.com.my/TRA.
    2. Call our Customer Contact Centre on: 03-2178 8888 (Individual customers) – daily from 7.00 a.m. to 11.00 p.m.
  3. For Credit Card Term Loan/Financing, you may
    1. Submit your TRA request via AmOnline app: kindly refer to ambank.com.my/btl
    2. Call our Customer Contact Centre on: 03-2178 8888 (Individual customers) – daily from 7.00 a.m. to 11.00 p.m.
6. What documents do I need to submit?

The Bank will not require documentation from customers to prove eligibility. We will instead rely on BSH data which will be provided via BNM.

7. How long does it take to approve?

The TRA will be provided to eligible customers upon submission of your request, provided your name and NRIC match with the BSH database. No further approval is necessary.

If you are not qualified and/or your name and/or NRIC do not match the data in the BSH database, the Bank will review your request, assess your situation and discuss on the possible solutions with you.

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

You will get an automatic acknowledgement of your application.

The Bank will notify you within 5 working days on your application status.

9. My spouse is a BSH/BPR recipient. Am I eligible for the TRA?
Can the assistance for B40s be applied in co-customer situations?

Yes. If any of the co-customers are recipients of BSH/BPR OR is a spouse of a BSH/BPR recipient, they would be eligible for this assistance.

10. I am not registered on the BSH/BPR/BPN database eligible for the assistance for B40s and M40. Am I eligible for the TRA?

If you are not registered in the BSH/BPR/BPN database, but wishes to seek assistance, the Bank can offer other forms of repayment assistance suitable for your financial circumstances.

11. I have opted out of the automatic 6-month moratorium (announced in March 2020). Will I still be eligible to apply for TRA?

Yes, if you are in the B40 category and registered in the BSH/BPR database.

12. I have applied for the existing Repayment Assistance / Payment Holiday. Can I opt for the TRA programme?

Yes, the Bank can accommodate the request from you, even though you have already signed up for the existing Repayment Assistance / Payment Holiday and modify your assistance accordingly. However, we will first discuss with you on the details of the changes required.

13. 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 23 November 2020 and 30 June 2021.

  1. The assistance will commence from your next instalment.
  2. The assistance will be made available for instalments due in December 2020 onwards.
14. Is this assistance available only for one-time selection until 30 June 2021?

Yes. Customers have the option to confirm to the assistance required anytime from 23 November 2020 until 30 June 2021.

The assistance will commence at the customer’s next instalment due. A customer who makes a confirmation on 30 June 2021 may therefore enjoy this assistance until as late as December 2021.

The Bank may also continue to offer customers additional assistance.

15. What must I know about the TRA programme before deciding on the options available?

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 HP and Islamic facilities, new documents or agreements will need to be signed in accordance with legal and Shariah requirements before the assistance can take effect.

You need to understand the specific details on the cost implications of the assistance, before you confirm your selection. This will include details about changes in the payment schedule (tenure will be extended), increase in monthly instalment and any balloon/ bullet payments due in the future.

  1. Simplified process for individuals in M40 category applying for reduced instalments under existing ‘Package II’

1. What is the simplification process for individuals under M40?

The simplified application process requires the customer to only furnish a 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.

To apply for TRA request and submit your self-declaration, you may

  1. Submit your request on our website: ambank.com.my/TRA.
  2. Call our Customer Contact Centre on: 03-2178 8888 (Individual customers) – daily from 7.00 a.m. to 11.00 p.m.
2. Who is eligible for the simplified process?

This simplification will apply to any customer who is categorised as M40 and registered in the Bantuan Prihatin Nasional (BPN) database:

  • M40 household (monthly income RM4,001 to RM8,000)
  • M40 single (monthly income RM2,001 to RM4,000)
3. Do I need to submit any documents?

You will only need to furnish a self-declaration that your own income, or household income is experiencing a reduction due to the pandemic.

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

 

Click here to calculate the accrued interest/profit charged during Payment Holidays for your account.

 

Mortgage Accrued Interest/Profit Calculator

Use this simple mortgage calculator to calculate the accrued interest/profit charged during Payment Holidays.
*Note: This calculator is applicable for Daily Rest Home Loan/Financing-i and Daily Rest Commercial Property Loan/Financing-i only.

Disclaimer:
Please note this is only a general estimate and for illustration purpose.

Illustration
Accrued Interest/Profit charged during Payment Holidays
= Loan/Financing Balance Amount  X  (Interest Rate%/number of days in a year)  X  Total number of days during Payment Holidays
= 300000 X (3.50%/365days) X 90 days


Loan/Financing Balance Amount(RM) 300000
Interest/Profit Rate (% per annum) 3.50
Payment Holidays Start Date 01/01/2021
Payment Holidays End Date 31/03/2021
Total Accrued Interest/Profit(RM) 2589.04

 

Loan/Financing Balance Amount(RM)
Numbers only (ie : 300000.01)
Interest/Profit Rate (% per annum)
Maximum 2 decimal points (ie : 3.05 / 3.50 / 3.0)
Payment Holidays Start Date
Date Formatting is DD/MM/YYYY
For IE Only : Date formatting is YYYY/MM/DD
Payment Holidays End Date
Date Formatting is DD/MM/YYYY
For IE Only : Date formatting is YYYY/MM/DD
Total Accrued Interest/Profit(RM)

 

Updated 16 February 2021