For our customers who have lost their jobs, are coping with reduced income or facing financial difficulties for other reasons, short-term financial relief is a necessary temporary measure to see you through to returning to a sound financial footing. However, CIMB believes it is essential that you, our customer, make well informed financial decisions.
A loan/financing moratorium is only the deferment of repayments for a limited period of time. Although customers are not required to make repayments during the moratorium, the loan/financing continues to accumulate interest/profit during this time and you will eventually need to repay it when you resume repayments. By accepting the loan moratorium now, you will, in fact, need to pay more to settle your loan/financing facility.
Similarly, by choosing to make reduced repayments and extending the tenure of your loan/financing, the facility will be accumulating interest/profit throughout the longer tenure and, here too, you will need to pay more to settle your loan/financing 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.
Should your financial circumstances improve during the period of the CIMB Targeted Assistance Programme, please contact CIMB as soon as possible so that we can normalise your repayments. This will ensure that you achieve your best financial outcome.