Public Bank reassures COVID-hit loan customers it will continue to offer support
The bank has assisted over 160,000 customers affected by the pandemic.
Public Bank reaffirmed its commitment to offer ongoing Targeted Repayment Assistance to customers facing loan repayment difficulty due to Malaysia’s Movement Control Order (MCO) and the effect of the pandemic, the bank said in a press release.
First launched in August 2020, Public Bank’s COVID-19 Targeted Repayment Assistance Programme offers a suite of flexible and comprehensive repayment packages. Assistances offered include deferment or reduction of monthly instalment payment, amongst others.
To date, the bank said that it has assisted over 160,000 customers and given out over $9.7b (RM40b) of assistance under the programme.
“The Public Bank’s Targeted Repayment Assistance Programme has been progressing very well. To date, this programme has assisted over 160,000 customers, with relief assistance amounting to about RM40 billion and approval rate of close to 100% of total customers’ submissions,” said Tan Sri Dato’ Sri Tay Ah Lek, Public Bank managing director and CEO.
Currently, more than 90% of Public Bank’s customers are paying their monthly loan installment, Tan Sri Tay added.
For Individual customers who have lost their jobs as well as SMEs or microenterprises that are not allowed to operate during the MCO, Public Bank is offering a loan deferment for three months, or a 50% reduction in the monthly instalment payment for six months.
Affected customers who face significant financial difficulties could also avail of a reduction of up to 75% of their existing monthly instalment under these flexible packages. Customers may also propose any other reschedule or restructure arrangement that suit their financial needs.
Public Bank also developed a digital platform to make things easier for affected clients. The platform enables a full straight-through online process on customers’ applications for the repayment assistance.