Notice to the Customers
25 March 2020
Dear Esteem Customers,
This is to bring to your information that Bank Negara Malaysia has advised on Additional Measures to Assist Borrowers/Customers Affected by the COVID-19 Outbreak to banking institutions and development financial institutions (FIs), highlighting among others, the granting of automatic moratorium on all loan / financing repayments / payments, principal and interest, (except for credit card balances) by individuals and SME borrowers/customers for a period of 6 months from 1 April 2020. The automatic moratorium is applicable to loans/ financing that are – (a) not in arrears exceeding 90 days as at 1 April 2020; and (b) denominated in Malaysian Ringgit.
In line with the BNM directives and to achieve the intended objective of providing assistance to customers/borrowers who are experiencing temporary financial constraints due to the COVID-19 outbreak, we at India International Bank (Malaysia) Berhad (IIBM) have initiated following measures:
- All our SME borrowers will be covered for grant of automatic moratorium for a period of 6 months from 1 April 2020.
- Loan instalments will be deferred for 6 months. Interest will be accrued and compounded for loans during moratorium and such interest together with deferred loan instalments will be payable after moratorium of 6 months in the equal monthly instalments spread over the remaining period of loan. Revised monthly repayment amount to be worked out w.e.f. 01 October 2020 on case to case basis.
- Those SMEs which do not wish to avail themselves to the automatic moratorium can continue with their current repayment/ payment terms and may intimate to IIBM accordingly.
- Our SME borrowers, depending on their affordability and capacity of repayments / payments after the moratorium period, can also opt for re-worked out plans to fully settle the loans/ financing in the remaining period of loan, and/ or extension of period by way of reschedulement and restructuring (R&R).
- This programme will not mark arrears in the CCRIS records.
- IIBM shall be intimating to the concerned SME borrowers by email individually on the above initiatives.
- Borrowers intending to communicate on this matter may simply send us an email which will be dealt with and responded promptly. No need to visit the branch physically in the current scenario and compliance of Movement Control Order.
Wish you stay safe and keep alert.
For more information please contact us at +603 - 2026 1767