UOB Malaysia fully commits to providing ongoing relief assistance, offers six-month opt-in moratorium to customers
Kuala Lumpur, Malaysia, 9 July 2021 – UOB Malaysia is offering a six-month opt-in repayment moratorium for customers as part of the Bank’s continuous effort to support customers who are financially impacted by the ongoing movement restrictions. Approvals will be given automatically to alleviate individuals and businesses’ cash flow as quickly as possible during the pandemic.
The latest extension of the Bank’s COVID-19 Relief Assistance1, which took effect on 7 July 2021, is in line with the Government’s PEMULIH aid package announced on 28 June 20212.
In addition to the moratorium, the Bank is also offering the option of a 50 per cent reduction on monthly repayment instalments for six months, as an alternative for individuals, microenterprises and small- and medium-sized enterprises (SMEs) to choose.
Customers can also contact the Bank and opt to convert their outstanding credit card balances into three year term loans with lower instalment payment plans that would enable them to manage their debt obligations more effectively.
The Bank will waive compounded interest and penalty charges incurred by customers during the six month moratorium period.
Mr Wong Kim Choong, Chief Executive Officer, UOB Malaysia, said, “We made changes to our COVID19 Relief Assistance Programme as part of a concerted industry effort and commitment to continue supporting individuals and businesses affected by the pandemic. As the country continues to be in lockdown under Phase One of the National Recovery Plan, we remain cognisant that individuals and businesses will face financial challenges.
“We will continue to proactively engage our customers in need of financial relief as part of our commitment to helping the nation combat the virus and its wide-ranging impact on lives and livelihoods. We hope that by helping our customers overcome the financial strain of COVID-19, they can begin to plan ahead and prepare for the post-pandemic recovery.”
For other businesses whose financial situation continues to be affected by the COVID-19 pandemic, they may contact their respective relationship managers for more details.
UOB Malaysia encourages its customers in need of financial assistance to contact the Bank directly as soon as possible and it will respond to all requests on a timely basis. The acceptance of repayment relief assistance during this period will not affect customers’ Central Credit Reference Information System (CCRIS) report with Bank Negara Malaysia.
Customers who wish to opt in for UOB Malaysia’s relief assistance programme can submit their request from 7 July 2021 onwards by simply completing an online contact form on the Bank’s website. Alternatively, customers can call the UOB COVID-19 Relief Assistance Programme’s dedicated 24-hour hotline at 03-2612 8019. No upfront documentation is required to ensure an easy and seamless application.
For customers who prefer to visit a UOB Malaysia branch, the Bank has implemented comprehensive precautionary measures as recommended by the government to ensure the safety of everyone. Customers are advised to visit UOB Malaysia’s website for the latest operating hours or specific arrangements for over-the-counter services.
The Bank also reminds customers to be cautious of attempts made by scammers and only opt in for the relief assistance programme through its official channels. UOB Malaysia does not appoint or engage third parties or agents for customers to apply for the programme on the Bank’s behalf.
For more information on UOB Malaysia’s COVID-19 Relief Assistance Programme, please visit https://www.uob.com.my/default/covid-updates/covid-relief-assistance.page.
1 Eligible for Individuals, microenterprises and SMEs with loan and financing facilities that were approved before 1 July 2021 and have not been in arrears exceeding 90 days upon application.
2 The Malaysian Prime Minister announced fiscal measures worth RM150 billion under the PEMULIH aid package for Malaysians facing financial challenges due to the ongoing lockdown as part of Phase One of the National Recovery Plan. Source: Ministry of Finance, Malaysia, 28 June 2021.