KUALA LUMPUR (Bernama) — In line with the announcement by YAB Prime Minister Tan Sri Muhyiddin Yassin on 31 May 2021, Agrobank welcomes the initiative taken by the Government on the targeted moratorium on bank financings under Pemerkasa Plus which will be extended until the end of December 2021. This financing assistance will be granted for those affected, to provide financial relief to individual and small and medium enterprise (SME) customers during MCO 3.0 due to COVID-19.
Commented on the announcement, Khadijah Iskandar, Covering President / Chief Executive Office of Agrobank said, “Agrobank welcomes the measures announced by YAB Prime Minister and given the recent resurgence of COVID-19 cases in Malaysia, the bank recognises that it is even more crucial now to render financial assistance to affected individuals, especially those who have lost their income or whose income has been significantly reduced, and to business customers whose operations have suffered an adverse impact.”
“We understand that our customers, faced with the prolonged impact of the pandemic, are anxious about the commencement of payments. As a responsible financial institution, we are pleased to continue to provide supports which are tailor-made to cater to the needs of our financially affected group of customers.”
“For customers who are still facing difficulty in paying their monthly instalment, Agrobank will continue to provide payment assistance and accept applications until the end of December 2021 under the Targeted Payment Financing Assistance (TPFA) programme. We wish to assure all our customers that any financial assistance taken will not affect their Central Credit Reference Information System (CCRIS) status,” she added.
The previous TPFA programme by Agrobank has started since 24 November 2020 and was initially scheduled to end by 30 June 2021.
Under the Pemerkasa Plus, individuals who have lost their jobs, B40 whom are recipients of ‘Bantuan Sara Hidup’ (BSH) or ‘Bantuan Prihatin Rakyat’ (BPR), microenterprises with approved financing facilities of less than RM150,000.00, SMEs and microenterprises that are not allowed to operate due to movement restrictions, are eligible to select either a three-month repayment moratorium or six months of 50% reduced instalments repayment assistance.
Adding to that, those under the M40 segments who are recipients of the BSH or BPR and who have suffered a reduction in income or lost their employment will also be eligible to opt for a three-month moratorium or reduction of monthly instalments by 50% for six months.
Khadijah further commented, apart from these target groups, other affected customers are also welcome to contact their respective branch officers or relationship managers to discuss possible solutions to overcome any financial challenges they may be facing.
“As a financial institution that has always prioritised the well-being and advancement of people and communities in agriculture industry, we hope these measures will be able to help our customers who are facing with financial adversities and allow them to focus on other more critical areas of their livelihood,” she said.
“Should the situation persist, the bank will consider the possibility of offering restructuring and rescheduling of financing and it would be open to our business and SME customers as well as individuals affected by the current situation and they would be assessed on a case-to-case basis,” she added.
“As Agrobank provides financings across the value chain of agriculture, the assistance is available for individuals, micro, SME and even corporate customers. We encourage our customers to consult our officers on options available or even if they are not sure what to do next,” said Khadijah further.
Khadijah also reiterates that in line with our vision of Advancing Agriculture Beyond Banking, Agrobank has been proactive in engaging customers through a series of engagements such as online business coaching, webinars, business clinics, forums and others. The initiatives aim to educate and support customers better in managing their businesses during trying times.