COVID-19 - Financial Relief

As the world faces an uphill battle to curb the COVID -19 pandemic, businesses large or small and individuals from all facets of life are bound to experience some forms of financial strain. During this turbulent and uncertain period, we want to show you compassion and understanding by helping you adjust to changing times and most importantly, reduce your financial burden. This page is dedicated to give you information on how we can assist you.

We have earlier introduced an automatic deferment of financing payment package (“Deferment Package”) for a period of six (6) months starting from 1 April 2020. The package was granted to all eligible Individual and SME customers. During this period as imposed by Bank Negara Malaysia (BNM), accrued profit rate will not be compounded. Following subsequent announcement by Bank Negara Malaysia dated 30 April 2020 on the operationalisation of moratorium for fixed rate Islamic financing, further updates were provided and communicated. 

The 6-month deferment period is coming to an end on 30 September 2020. We have incorporated further updates to ensure that you are fully aware of the impact to your financing facility with us. Should you anticipate difficulties in servicing your monthly instalment in October and require further financial assistance, please click on the link for Further Financial Assistance beyond 30 September 2020 on this page to see how we can assist you through this period of uncertainty. 

DEFERMENT PACKAGE OFFERED* - For Individual

 

What is the Bank Negara Malaysia (“BNM”) Deferment Package?

The BNM deferment package is a deferment of financing instalment servicing for up to six (6) months without incurring any penalties.

Eligibility

  • Individual financing customers
  • Customers who are not in arrears exceeding ninety (90) days as at 1 April 2020.

Deferment Period

1 April 2020 – 30 September 2020

Automobile Financing-i

  • Financing tenure extended by six (6) months
  • Monthly instalment amount remains unchanged after the Deferment Period
  • CCRIS report will not be impacted

 

There is no further action required from Customers who have already OPTED-IN prior to BNM’s latest announcement on 30 April 2020 as they will continue to enjoy the Deferment Package.

Customers who have previously notified the bank to OPT-OUT of the Deferment Package following the earlier announcement on 25 March 2020 by BNM, are not required to take any further action and can continue making your monthly payments as usual

 

FAQ for Automobile Financing-i Deferment Package 

Personal Financing-i (not applicable to Cooperative and Coshare Schemes)

 
  1. If you have previously opted in for the deferment package and provided the consent for the new terms (extended tenure, revised monthly instalment and selling price) via the Deferment Package Consent Form, you will enjoy the following:
  • Financing tenure extended by six (6) months.
  • Monthly instalment payment amount will increase after the Deferment Period ends.
  • CCRIS report will not be impacted.

 

  1. If you have previously opted-in for the deferment package but failed to provide the consent required as of 7 September 2020, you are deemed as not agreeing to continue with the deferment package. As a result, the impact to your current facility will be as follows:
  • Financing tenure will not be extended.
  • Monthly instalment payment amount will increase after the Deferment Period ends as the deferred instalment will be amortized throughout the remaining tenure together with the current monthly instalment.
  • CCRIS report will not be impacted.

 

  1. If you have Opted-Out of the Deferment Package following the earlier announcement on 25 March 2020 by BNM, you are not required to take any further action and can continue making your monthly payments as usual.

 

  1. For further details, please refer to the following documents:

FAQ for Fixed Rate Financing Products (4 June 2020)

Addendum to FAQ for Fixed Rate Financing Products (15 September 2020)

Personal Financing-i under Cooperative/ Coshare Scheme

  1. If you have previously opted in for the deferment package and provided the consent for the new terms (revised monthly instalment and selling price) via Deferment Package Consent Form and relevant documents*, you will enjoy the following:
  • Financing tenure will not be extended.
  • Monthly instalment payment amount will increase after the Deferment Period ends as the deferred instalment will be amortized throughout the remaining tenure.
  • CCRIS report will not be impacted.

 

* For financing with salary deduction via Coshare, the relevant documents are required to be completed i.e. “Pengesahan Majikan” and payslips as at March 2020.

* For members of Cooperatives where financing is through salary deduction via Biro Angkasa, the relevant documents required are the payslip for March 2020 and the latest payslips for Cooperative to perform booking of revised installment in the Biro Angkasa system.

 

  1. If you have previously opted-in for the deferment package but failed to provide the consent and relevant documents* as of 7 September 2020, you are deemed as not agreeing to continue with the deferment package. As a result, the impact to your current facility will be as follows:
  • Financing tenure will not be extended.
  • Monthly instalment amount remains unchanged after the Deferment Period.
  • The salary deduction during deferment period shall be utilized to regularize the deferred instalments.
  • In the event that there is insufficient payment of salary deduction to be utilized to regularize the deferred instalments, your CCRIS report may be impacted starting from 1-Oct-2020.

 

  1. If you have Opted-Out of the Deferment Package following the earlier announcement on 25 March 2020 by BNM, you are not required to take any further action and can continue making your monthly payments as usual.

 

  1. For further details, please refer to the following documents:

FAQ for Fixed Rate Financing Products (4 June 2020)

Addendum to FAQ for Fixed Rate Financing Products (15 September 2020)

Property Financing-i under Fixed Rate

  1. If you have previously opted in for the deferment package and provided the additional consent for the new terms (extended tenure, revised monthly instalment and selling price) via Deferment Package Consent Form, you will enjoy the following:
  • Financing tenure extended by six (6) months.
  • Monthly instalment payment amount will increase after the Deferment Period ends.
  • CCRIS report will not be impacted.

 

  1. If you have previously opted-in for the deferment package but failed to provide the consent as of 7 September 2020, you are deemed as not agreeing to continue with the deferment package. As a result, the impact to your current facility will be as follows:
  • Financing tenure will not be extended.
  • Monthly instalment payment amount will increase after the Deferment Period ends as the deferred instalment will be amortized throughout the remaining tenure together with the current monthly instalment.
  • CCRIS report will not be impacted.

 

  1. If you have Opted-Out of the Deferment Package following the earlier announcement on 25 March 2020 by BNM, you are not required to take any further action and can continue making your monthly payments as usual.

 

  1. For further details, please refer to the following documents:

FAQ for Fixed Rate Financing Products (4 June 2020)

Addendum to FAQ for Fixed Rate Financing Products (15 September 2020)

Property Financing-i under Variable Rate

  • The monthly instalment payment amount will increase after the deferment period ends and tenure will be extended for six (6) months.
  • Participating customers’ CCRIS report will not be impacted.

 

For variable rate financing, extending the tenure will expose the customers to profit rate movements as a result of changes to the Base Rate (“BR) or Base Financing Rate (“BFR”). This will impact the instalment and total payment by the customers.

*Subject to revision in line with regulatory updates as well as the Bank’s internal requirements.

 

BNM’s Fund for SMEs is targeted to provide immediate cash flow support to SME businesses that are adversely impacted by COVID-19 to sustain their business operations. The COVID-19 outbreak has a growing impact on the global economy and it has affected business in every possible manner, particularly their working capital. We understand that continuity is important every single stage in your business and we are ever-prepared to assist SMEs to go through this difficult period. An initiative by BNM, Al Rajhi Bank is introducing a few relief measures to help your business get back on track and ease your cash flow problems.

 

Facility Objective
Special Relief Facility (SRF) COVID-19 To help alleviate the short-term cash flow problems faced by SMEs affected by the COVID-19 outbreak
All Economic Sectors (AES) Facility To enhance access to financing for SMEs in all economic sectors, in particular underserved SMEs, at a reasonable cost

Automation & Digitalisation Facility (ADF)

To incentivise SMEs to automate processes and digitalise operations to increase productivity and efficiency
AgroFood Facility (AF) To increase agrofood production for Malaysia and for export purposes through the provision of financing at affordable rates
Micro Enterprises Facility (MEF) To increase access to collateral-free micro financing for micro enterprises at reasonable cost
 

For more information please contact 03-2301 7238 or 03-2301 7166

 

Frequently Asked Questions

We are committed to extend assistance to our clients who are affected by the current situation. Please reach out to your Relationship Managers for assistance. 

Should you require further clarification, do contact our Customer Care Consultants at +603 2332 6000.

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