KUALA LUMPUR (Nov 23): CIMB Bank Bhd and CIMB Islamic Bank Bhd (collectively CIMB) have introduced an Expanded Targeted Payment Assistance (TPA) programme, in line with the government’s recent announcement on additional assistance to B40 and microenterprise borrowers who have been affected by the pandemic.

Under the expanded TPA, eligible borrowers under the categories of B40 individuals and microenterprises will be able to apply for a deferment of monthly instalments for three months or a 50% reduction in monthly instalments for six months.

Eligible borrowers can start to apply for the assistance from today (Nov 23) onwards, CIMB said in a statement. Once approved, the assistance will take effect from the following month’s instalment, upon the borrower’s request and confirmation of acceptance.

The programme is available from Dec 1, 2020 to June 30, 2021 for facilities approved before Oct 1, 2020, and are not in arrears exceeding 90 days as at date of request.

“The additional support is a timely solution in order to help alleviate the livelihoods of the most vulnerable communities and provide a lifeline to micro businesses during this challenging period. CIMB stands ready to assist and will continue to prioritise the financial well-being and economic resilience of our customers through our Expanded TPA and other ongoing relief programmes.

"We are committed to delivering the best customer experience in the application process to give convenience to our customers. CIMB welcomes all individual and business customers who need financial assistance, regardless of whether they fall under any of the mentioned categories, to reach out and discuss existing assistance options with the bank," said CIMB Group chief executive officer Datuk Abdul Rahman Ahmad.

In addition to the expanded assistance, M40 borrowers registered under Bantuan Prihatin Nasional (BPN) who have suffered reduced incomes due to the pandemic, may also apply for the existing targeted assistance programme, said CIMB.

While this is an existing assistance programme, it said the process has been simplified, as it will be based on borrowers’ self-declaration of reduced income for themselves or their household. 

The bank added that it may engage these customers at a later stage for documentation, in order to review their financial circumstances.