Public Bank offers repayment relief to Malaysia flood victims

Customers affected by the floods can defer monthly loan payments for up to 6 months.

Malaysia’s Public Bank and Public Islamic Bank are offering repayment relief for loan and financing customers affected by the flooding in several states in Malaysia.

In a press release, Public Bank said that they are offering deferment of monthly installment for loan and financing of up to 6 months, on a request basis.

The relief is applicable to loan and financing facilities such as house financing, hire purchase, and credit cards. SME loans and financing for affected local businesses are also covered.

“Public Bank stands ready to support customers who have been affected by the massive floods. The repayment relief would alleviate their financial burden and also help them to restore their livelihood,” said Public Bank’s managing director and CEO, Tan Sri Dato’ Sri Dr. Tay Ah Lek.

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Public Bank and Public Islamic Bank are also waiving charges for replacement of banking-related documents, such as bank cards and passbooks that may have been destroyed or lost in the floods.

The bank is also collaborating with Lonpac Insurance Bhd to expedite claims made by affected customers on losses covered by insurance policies underwritten by the Insurance firm.

SMEs and micro enterprises affected by floods located in districts identified by Agensi Pengurusan Bencana Negara as flood disaster areas are also eligible to apply for the Bank Negara Malaysia’s Disaster Relief Facility.

This facility is for the purpose of repairs or replacement of assets for business use, such as plants and machinery which have been damaged by floods, as well as for working capital purposes, Public Bank said.