Bank Negara Malaysia (BNM) is providing a RM2 billion special relief facility (SRF), which will be deployed in the form of working capital to assist SMEs in alleviating short term cash flow problems.
This is part of BNM’s fund for SMEs was made available starting 6 March 2020. Here are the list of banks you can try out !
RHB Bank
RHB Bank Bhd and RHB Islamic Bank Bhd is offering RHB’s COVID-19 financial relief programme since 11th February 2020 to help ease the financial burden of businesses particularly SMEs and households during this challenging period. This financial assistance will be made available to viable businesses, which includes small and medium enterprises (SME) as well as individuals. 6-month moratorium is being offered to assist them during this challenging period and the bank will continue to proactively reach out to affected SMEs to ease their financial burden.
Interested SMEs can access the following SRF 2020 facility with RHB:
| Special Relief Facility (SRF 2020) | |
|---|---|
| Fund Allocation | RM2 billion |
| Objective | Alleviate short-term cash flow problems faced by SMEs adversely affected by the COVID-19 outbreak |
| Eligibility | Malaysian SMEs adversely affected by COVID-19 with at least 51% shares held under Malaysians |
| Purpose of Financing | Working capital |
| Financing rate | 3.75% p.a. |
| Financing amount | Up to RM1.0 million per SME |
| Guarantee Cover | 80% of the financing amount by Credit Guarantee Corporation Malaysia Berhad (CGC) |
| Financing Tenure | 5.5 years, including 6 months moratorium on repayments |
| Availability Period | From 6 Mar 2020 to 31 Dec 2020 or exhaustion of the RM2.0 billion fund whichever is earlier |
For more information, log on【Here】
Public Bank
Public Bank are working concertedly with Bank Negara Malaysia to offer immediate moratorium of up to six months for the monthly installment payments of loans and financing for individual and business customers affected by the Covid-19 outbreak.
(1) Special Relief Facility For SME Customers
Public Bank is working concertedly with Bank Negara Malaysia in offering the Special Relief Facility to SME customers during this challenging period. The Bank has enhanced its internal processes to facilitate faster loan approval and disbursement to assist eligible SME customers to overcome their financial constraint amid this difficult situation. SMEs which intend to apply for the Special Relief Facility are advised to approach any Public Bank branches, or email to pbbsmesupport@publicbank.com.my, for financial advice and assistance.
(2) Relief Assistance Programme For Loan Repayment
For individual and business customers affected by the COVID-19 outbreak, Public Bank is offering immediate moratorium of up to six months for the monthly installment payments of loans and financing. In addition, the Bank will continue to accommodate requests by the affected customers to restructure or reschedule their loans and financing, to assist in their cash-flow situation during this difficult time.
Customers who have any enquiries or require assistance may contact the bank’s toll-free number at 1800 22 5555.
For more information, log on【Here】
Hong Leong Bank
Through the SRF, eligible SMEs stand to receive financing of up to RM1 million per SME – no collateral required and for a term loan up to 5.5 years with a financing rate capped at 3.75 per cent per annum. This financing facility is inclusive of financing to related companies that have common shareholder(s) with an 80 per cent guarantee by the Credit Guarantee Corporation (CGC) or Syarikat Jaminan Pembiayaan Perniagaan (SJPP).
The Bank has also previously put in place a Customer Financial Relief Plan that offers COVID-19 affected SMEs and as well as individual customers options to restructure or reschedule loans and financing to help with short-term cash-flow situation.
To apply for the Special Relief Facility, HLB’s customers can contact 603- 7626 8899, email: HLonline@hlbb.hongleong.com.my or visit any HLB bank branch nationwide. The SRF is available from now until 31 December 2020.
| Guidelines | |
|---|---|
| Scheme Name | BNM Special Relief Fund – COVID-19 (effective 6 March 2020) |
| Eligibility |
1 SMEs per BNM and SME Corp Malaysia definition |
| Purpose of Financing | Working capital |
| Financing rate | Up to 3.75% p.a. (inclusive of guarantee fee of 0.5% p.a.) |
| Financing Limit | Max of RM1 million per SME, inclusive of financing to related companies that have common shareholder(s)* |
| Guarantee Coverage | Up to 80% guarantee coverage by CGC / SJPP |
| Facility Type | Term Loan |
| Maximum Tenure | Up to 5.5 years from the date of the first drawdown (including a moratorium period of 6 months on both principal and interest/profit payments) |
| Availability Period | 6 Mar 2020 to 31 Dec 2020 |
For more information, log on【Here】
Bank Simpanan National
BSN Micro-i Stimulus is a micro financing scheme which is offered to micro enterprises whose businesses are impacted by COVID -19 outbreak.
Eligibility
- Micro enterprises whose businesses are impacted by the COVID-19
- Malaysian owned business
- Registered with Suruhanjaya Syarikat Malaysia (SSM).
Features
- Purpose of Financing : Working Capital and Capital Expenditure.
- Financing Amount : RM5,000 – RM 50,000.
- Financing Tenure: Between 1 year to 5.5 years including first 6 months of moratorium on monthly installment
- The package is for businesses which are related to tourism
Rates
4.00% p.a
Get the Application forms 【Here】. For more information, log on【Here】
Ambank
This scheme is available from 6 March to 31 December 2020 and is subject to Bank Negara Malaysia’s Fund availability
| DETAILS | |
|---|---|
| Eligibility Criteria | Malaysian SMEs adversely affected by COVID-19 with at least 51% shares held by Malaysians |
| Purpose of Financing | Working Capital |
| Financing Rate | Up to 3.75% p.a. |
| Collateral | Not Required |
| Guarantee Coverage | 80% guarantee cover on the principal amount by Credit Guarantee Corporation (CGC) /Syarikat Jaminan Perbiayaan Perniagaan (SJPP) |
| Guarantee fee | No guarantee fee |
| Type of financing | Term loan/Financing |
| Size of Financing |
|
| Maximum Financing Tenure | 5.5 years from the date of first drawdown, including a moratorium period of 6 months on both principal and interest payments |
E-mail at businessbanking@ambankgroup.com or call Retail SME hotline at +603 2178 3188
For more information, log on【Here】
CIMB Bank
CIMB also doing their part to ensure that all their customers continue to enjoy the conveniences and benifits they should be enjoying. They have put together a CIMB Care Package to tide those in need through the though situation we having right now.
Interest/Profit Serving Only!
- CIMB Mortage Loans (For existing Mortgage Loan customers, you ONLY pay interest for your monthly instalments for the next 6/9/12 months – for customers working in selected sectors
- CIMB Renovation-i Financing and Renovation/Education Loan (for customers working in selected sectors or customers with at least S$10k in Unsecured Loan/Financing Outstanding)
- CIMB Wealth Planning – Interest-Only Servicing Options For Our Products (Premium Financing and Portfolio Financing)
0% Interest Loans At No Cost For 6 Months
- CIMB CashLite Personal Instalment Loan (As an existing CIMB Credit Cards customer, In the unfortunate event that you’ve contracted Covid-19, you may convert your available credit limit to a 0% interest loan at no cost for 6 months with our CIMB CashLite Personal Instalment Loans- Medical proof is required and no minimum loan amount required. Maximum loan amount is subject to customer’s available credit limit.
For more information, log on【Here】
Maybank
Maybank has introduced a financial relief scheme (i.e moratorium or payment holiday of up to 6 months) for customers impacted by the ongoing Covid-19 virus outbreak and the Movement Control Order. This could also include restructuring and rescheduling of financing facilities, if required.
If you are affected by the current situation and wish to apply for relief for any of the following facilities which you may have with us, please fill up the【Application form】
- Hire Purchase Loan/Financing
- Personal Loan/Financing
- Mortgage Loan/Financing
- ASB Loan/Financing
- Education Loan/Financing
- SME Loan/Financing
For more information, log on【Here】
Source: Maybank | RHB | Public Bank | Hong Leong | BSN | CIMB | Ambank