What is this 6-month Moratorium repayment for loans/financing?

It is a deferment of the loan repayment for 6 months, also known as a payment holiday. During this period, borrowers/customers with loan/financing that meet the criteria do not need to make payment and no late payment charges or penalties will be imposed.

  1. Am I eligible?
    All individual and SME loans/financing excluding cards are eligible except for loans/financing that is more than 90 days / 3 months in arrears and foreign currency-denominated loans/financing.
  2. Is this moratorium an automatic enrollment or do I need to call the bank?You need not call the bank as the enrolment will be automatic for eligible borrowers/customers.
  3. If I do not wish to take the moratorium, how can I continue paying?
    Please contact your home branch or email us with the following details:Name
    ID Number (IC/Passport)
    Account Number/Vehicle Number
    Contact Number

    For hire purchase, please email us at [email protected] For all other consumer loans, please email us at [email protected] We will respond within 3 working days.

  4. What if I’ve already defaulted a few months – am I still eligible?You are still eligible if your arrears are not more than 90 days/3 months consecutively as at 1st April 2020.
  5. What if I want to exit the programme midway?
    You may submit your request to your home branch or call our Maybank Group Customer Care at 1300 88 6688 to exit from the moratorium mid-way, and continue to make your monthly repayment to the loan/financing account.

  6. What if I wish to extend my moratorium period?
    The maximum moratorium period is only 6 months. We can consider to reschedule & restructure your loan/financing if you having difficulties paying thereafter.

  7. I have multiple loans/financing, I only want moratorium for some and don’t want for others. What is the process?
    Please contact your home branch and inform them of the account that you would like to be excluded from the auto-moratorium programme. Once that is done, you may continue to make your monthly repayment to that particular loan/financing account.

  8. How will this impact my ability to take new loans/financing later on?
    There will be no impact. You may apply for any new loan/financing.

  9. Will you stop my standing instruction automatically too?
    Yes, we will suspend your standing instruction during the moratorium period. If for whatever reason, the standing instruction is not suspended, you may request for a refund.

  10. My account has a standing instruction from another bank. Will Maybank inform the bank to stop the standing instruction?
    You would need to contact the bank where your standing instruction was initiated, to suspend it.

  11. What if after 6 months I have trouble paying. Will Maybank help to extend my moratorium?
    You can still approach the Bank for restructuring and rescheduling after the moratorium period. Please contact our Early Care Centre at [email protected] for assistance.

  12. Does loan/financing tenure increase?
    The loan/financing tenure will increase by 6 months for hire purchase.

  13. What would be the repayment structure once everything clears?
    If your account is up to date, then upon expiry of the 6 months moratorium, repayment will commence with new instalment amount, since the interest/profit during the moratorium period is deferred.However, if your account is in arrears, upon expiry of the moratorium, you are required to repay the arrears amount on the 7th month. This will avoid your account from being triggered as non- performing. In the event, you are not able to repay the arrears on time, please contact our Early Care Centre at [email protected] for assistance.

    However, if it’s a hire purchase loan/financing, the instalment amount will remain unchanged.

  14. Will I need to pay more interest/profit after the moratorium period is over?
    No, you won’t have to.
    For consumer (Mortgage/ASB/Personal/Education) conventional and Islamic loan/financing, the contracted monthly interest/profit will continue to accrue on the outstanding principal amount during the moratorium period, but will not be compounded.
    However, for hire purchase loans/financing, you do not need to pay more interest/profit.
  15. Does my repayment amount increase after 6 months?
    For consumer (Mortgage/ASB/Personal/education) conventional and Islamic loan/financing, a higher subsequent repayment amount is required to repay the principal and interest/profit accrued during the deferment period.For hire purchase, the repayment amount will remain unchanged for both conventional & Islamic, with an extended tenure of 6 months.
  16. Will my interest/profit rate be affected as the economy recovers in 6 months’ time?  Would I be benefiting from it or suffer more losses due to rising OPR?

    The Financing Reference Rates (Base Rate/ Base Lending/Financing Rate) fluctuates as per changes to OPR. The contracted interest/profit rate will be adjusted accordingly to the changes to the OPR. It will be higher if the OPR increases. For hire purchase, which is on fixed-rate, the interest/profit rate will remain.
  17. If I am in this moratorium program, does it mean that I do not need to pay anything to the bank for 6 months, including interest/profit?
    Yes, no instalment is due for 6 months if your loan/financing is fully released.

  18. Is the moratorium extended to loans/financing under a progressive release?
    Yes, it’s extended to loans/financing under progressive release. However, the deferred monthly progressive interest accumulated must be settled before the loan/financing is fully released.Otherwise, payments meant for monthly instalment once the loan/financing is fully released will go towards settling the outstanding progressive interest, resulting in instalment payment arrears.
  19. My repayment frequency for a mortgage is on a weekly/fortnightly basis. Will I be eligible for the moratorium?
    Yes, you are eligible for the auto moratorium if your loan/financing is not in arrears exceeding 90 days as at 1st April 2020.

  20. If I made a mortgage payment during the moratorium period, can I withdraw it?
    Yes, you can. However, the bank will charge a withdrawal fee of RM25.
  21. For overdraft, will the monthly reduction program differ during the moratorium period?
    Yes, the monthly reduction program will be deferred for 6 months until 30th September 2020.
  22. Will the deferred payment reflect a poor record in CCRIS?
    Not to worry! It will not be reflected in CCRIS.
  23. Can I withdraw from my EPF to pay for my mortgage loan/financing?
    Yes, you can, based on the EPF statutory guidelines.
  24. In view that there is no payment during the 6 months moratorium period, will my account be triggered with default rate?

    The default rate will not be triggered during the moratorium period. However, if your account is in 3 months of arrears during the moratorium, and you fail to pay the next subsequent instalment once the moratorium period is over, the default clause will be triggered.

  25. My loan/financing was restructured & rescheduled a few months ago. Am I still eligible for this moratorium?
    If you are still under the 6 months cooling off/observation period, you will not be entitled to this moratorium. However, if you have complied with the 6 months prompt payment, you may refer to our Early Care Centre at [email protected] for assistance.

  26. If I’m currently enrolled under the AKPK Program, will I be eligible for this moratorium program?
    If you are currently paying to AKPK, please approach them for assistance. And if you are paying directly to the Bank, you may refer to our Early Care Centre at [email protected] for assistance. 
  27. Is there a Help Desk number to call if I have further queries?
    Please get in touch with us at 1300 88 6688, or you can also email us at [email protected]