Affected M40, T20 groups eligible for financing repayment aid

KUALA LUMPUR: Individual customers and businesses whose income has been affected, including from the M40 and T20 groups, are eligible to apply for financing repayment assistance, said the Association of Islamic Banking and Financial Institutions Malaysia (AIBIM).

AIBIM president Datuk Adissadikin Ali said the qualification was in line with the presentation of the movement control order (MCO) 3.0 Pemerkasa Plus assistance which was announced by the government early this month.

He said AIBIM member banks had devised a simple verification process and documentation requirements to make it easier for customers to obtain repayment assistance for this financing.

“Individual or business customers, other than the categories mentioned above, facing financial difficulties due to the pandemic or MCO can contact the respective banks for assistance relating to the appropriate rescheduling and restructuring of repayments,” he said in a statement today.

Adissadikin said approval is automatic for applicants who have lost their jobs in 2020 or 2021 and still have not worked while opting for assistance.

The assistance provided is a three-month deferral of financing repayment or a 50 per cent reduction in financing repayment for six months, he said.

He said the six-month financing repayment reduction assistance according to the amount of income reduction was offered to applicants who were still working but experienced a reduction in total income. – Bernama