Reduction in Monthly Loan Repayment
1. What type of loans facilities are eligible for this loan instalment reduction?
- All conventional and Islamic term loan/financing, namely individual (e.g. housing/mortgage and ASB) and/or corporate loan facilities with interest/profit rates pegged to the Base Lending Rate (BLR) are eligible for the loan reduction.
- Loans which are pegged to the Cost of Funds (i.e. fixed rate loans) and government-aided loans are not eligible for this exercise.
2. When will the new repayment rates take effect? When will I begin paying my new instalment rate?
- Maybank is implementing the new repayment rates with effect from 23 March 2009.
- The new instalment will take effect on the next repayment date, i.e., 1 April 2009.
For ASB, ASB-i and Personal loans
- Maybank will be implementing the new repayment rates with effect from 25 April 2009.
- The new instalment will take effect on the next repayment date, i.e. 1 May 2009.
3. How will I know if I am eligible? Whom should I contact?
- If your facility is eligible, you will receive a notice from the Bank. The Bank has sent out the notices since 24 March 2009 onwards.
- You can also check with your Home Branch on your loan status or contact Maybank Group Call Centre at 1-300-88-6688.
4. If my account is 2 months in arrears, will my loan instalment still be reduced accordingly? What is the status of my loan?
The arrears will be adjusted accordingly, i.e. there will be a reduction of the amount in arrears. This will take effect with the implementation of the instalment reduction exercise with effect from 23 March 2009.
5. If my account is in default, will I be eligible for the reduction?
- The Bank classifies loans which are at least 4 months in arrears as ‘non-performing loans' (NPL)
- NPL accounts are not eligible for this instalment reduction, as NPL accounts require comprehensive loan restructuring.
6. If I do not wish to have my instalment reduced, what do I do?
- Kindly notify your bank or your customer relationship officer in writing immediately by completing the Letter of Reinstatement available at all branches and in Maybank2u.com.
- However, the reinstatement of your current repayment amount will only be made on your next instalment due date.
7. If my loan is with a joint borrower(s), do all borrowers need to sign the reinstatement letter?
- It is compulsory for the principal borrower to sign.
- If there are more than two (2) borrowers, at least two signatories (including the principal borrower) are required to sign
8. If the BLR increases, will my instalment be also increased?
In the Terms and Conditions of the loan facility, the Bank reserves the right to increase the instalment and/or extend the loan tenure due to interest variation or for any reason as the Bank shall deem fit.
9. What if my loan is pegged to BLR but my instalment has not changed?
Kindly inform your Home Branch or the nearest Branch immediately to enable the Bank to adjust your instalment rate accordingly.
10. My loan is still under progressive release. Will my instalment also be adjusted accordingly?
No, only term loans that are fully released are eligible for the reduction on instalments.
11. If I have a Standing Instruction (SI) for my monthly instalments, will the new amount be deducted from my savings/current account accordingly?
- This is dependent on whether you have executed a Variable or Fixed SI.
- A Variable SI allows the Bank to deduct the instalment amount according to the amount due. The new amount will be deducted accordingly.
- For a Fixed SI, the Bank is only permitted according to your instructions, to deduct a fixed pre-determined amount from your savings/current account regardless of changes in the instalment rate. To enjoy the new instalment rate, it is advisable to convert your Fixed SI to a Variable SI to cater for any variation in instalments according to rate changes, including enjoying a lower instalment rate.
- Please refer to your Home Branch or the nearest Branch for further details.
12. How do I check if my instalment has been reduced?
You can refer to your Home Branch or if you are our internet banking user, please log in to www.maybank2u.com to check on your loan balance and instalment due.
13. Where can I obtain more information on the reduction of the monthly loan repayment instalments?
- Kindly check with your customer relationship officer or Home Branch for specific inquiries on your facility. Click here for the contact numbers of your Home Branch.
- Call Maybank Group Call Centre at 1-300-88-6688 for general inquiries on the announced reduction.
- The list of the Bank's customer service hotlines is also available at the ABM website at www.abm.org.my or you may call ABMConnect at 1-300-88-9980 for information on banking issues in the country.