Are you eligible for the CIMB Targeted Assistance Programme? Find out here

The CIMB Targeted Assistance Programme is available for property financing, ASB financing, personal financing and auto financing. Starting in October 2020, CIMB will offer eligible customers two relief options to ease their financial burden.

Those individual customers who have lost their employment anytime from 1 January 2020 onwards can receive an additional 3-months payment relief on their financing.

These customers need to inform CIMB about their circumstances and desire to participate in the CIMB Targeted Assistance Programme. Upon approval they will not need to make payments from October – December 2020. The tenure of their financing facility will be extended by 3 months and the customer will need to resume payments in January 2021.

Meanwhile, individual customers whose income has declined due to the pandemic can have their monthly payments reduced.

Payment reduction for property financing and ASB financing will be in effect for only the next 6 months, from October 2020 – March 2021, at which time the customer will need to resume monthly payments in accordance with a notification letter that we will send them. The tenure of their facility will not be extended.

Personal financing and auto financing may have the tenure of the facility extended (by up to 10 years for personal financing) with the payment amount determined based on the new tenure.

These relief measures are all available to individual CIMB customers but they are not automatic. Customers must reach out to CIMB and undertake an easy process to inform the bank and to participate in the CIMB Targeted Assistance Programme.

To participate in the CIMB Targeted Assistance Programme begin by contacting us either by calling 03-62047788, emailing covidcare@cimb.com or visiting your nearest CIMB branch. If you’re emailing us, please include your full name as per your NRIC, your loan/financing account numbers and the reason you are seeking financial relief.

You will also need to provide any one of the following supporting documents listed below:

For loss of employment:

• A letter of retrenchment from your former employer
• Your latest EPF statement
• Approval for Employment Insurance Scheme (EIS) claim / Evidence of EIS payment

For reduction of income:

• Your latest payslip / EPF statement
• Your business’ latest 3-months current account statements
• We can also accept other documentary evidence on a case by case basis.

Yes, you can. If you need payment relief, please contact us either by calling 03-62047788, emailing covidcare@cimb.com or visiting your nearest CIMB branch. We will assess all applications for payment assistance on a case by case basis.

It’s very important that you make well informed financial decisions. The CIMB Targeted Assistance Programme will give you short-term financial relief over the next few months, but you must also be aware that your loan/financing is accumulating interest/profit during this time and you will need to pay this over the remaining or extended tenure of your facility.

We have listed detailed information of the considerations you must be aware of in Tables A-C of the CIMB Payment Assistance Programme for Individuals Public FAQ. Please make sure you understand this information when you apply to participate in the CIMB Targeted Assistance Programme.

It may be possible to avoid some of the additional cost or longer tenure should your circumstances improve during the period of the CIMB Targeted Assistance Programme. If this is the case, please contact CIMB as soon as possible so that we can normalise your repayments and ensure your best financial outcome.

CIMB understands that our customers continue to face financial difficulties because of the pandemic. Visit COVID-19 Relief Measures and Support at CIMB.com.my for the latest information about how we are here to help you move forward.

This article is brought to you by CIMB as part of our ongoing efforts to raise the level of financial literacy among Malaysians. Financial knowledge and understanding are key to making well-informed and meaningful financial decisions that will improve all our well-being. This, in turn, achieves CIMB’s purpose of advancing customers and society.