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.