Dear Valued Customers,
SME Bank is providing options for you to manage your financial obligations after the end of the moratorium period on 30 September 2020.
Kindly visit our nearest Enterprise Centres or contact your Relationship Manager to know more about SME Relief Programme.
Full Terms & Conditions
Frequently Asked Questions on SME Relief Programme (SRP)
- SRP is the Post ‘BNM Automatic Moratorium’ Payment Arrangement’s initiative by SME Bank to assist our Customer’s financial obligations after the end of auto moratorium period on 30 September 2020.
- The Bank may offer either Indulgence or Profit Servicing mechanism depending on Customer’s financial projection and eligibility criteria.
- What does Indulgence mean?
- Indulgence means deferment of payment for both Profit and Principal for a period to be determined.
- What does Profit Servicing Period mean?
- Payment of Profit only with deferment of payment for Principal for a period to be determined.
An automatic 6 month moratorium is granted to all Conventional & Islamic financing granted to SME, Ringgit Malaysia denominated financing/loans, which are not in arrears for more than 90 days as at 1st April 2020.
During this period, the payment for eligible financing/loan is deferred for 6 months until 30 September 2020.
SME Bank’s SRP
As per Item No 1.
- SRP will take effect from 1 October 2020. However, the tenure of the indulgence or profit servicing period depends on the approval to be granted by the Bank.
- You may contact your respective Relationship Manager for the detailed explanation of SRP.
- Only for Customers who are currently enjoying the BNM 6 month automatic period.
- Business still in operations.
- Not having any ongoing litigation actions (with FIs and Statutory Bodies).
- Customers with ALL accounts are not in arrears for more than 90 days as at 1 April 2020.
(You may contact your Relationship Manager for any inquiry)
- Indulgence Period
- Profit Servicing Period
Yes. The existing profit rate will remain.
- You are advised to contact your Relationship Manager by 15 August 2020.
- Yes, financings/loans under R&R are eligible for the SRP subject to fulfillment of the eligibility criteria as per Item 5.
- No, the financing will not be coded as Restructure & Reschedule in CRISS.
- There is no fees being imposed for the SRP.
- However additional legal cost for New Aqad and documentation may be incurred for changes in terms and/or amount of the original financing facility.
- The Bank will waive all internal charges i.e in-house documentation fee and restructuring fee (for large companies). But, all external charges i.e stamp duty, brokerage fee and solicitor’s fee (if requires solicitor involvement) shall be borne by the Customer.
If you do not wish to participate in the SRP, kindly notify the Bank by 30 August 2020 through your Relationship Manager.
- For the specific financings/loans which you do not wish to take up the SRP, you may notify the Bank through your Relationship Manager.
Will my financing/loan maturity change, if I were to opt for the SRP?. What would be my new instalment amount after the end of the SRP period?
- As a result of the Indulgence or Profit Servicing mechanism, the original terms may change. Any changes will be notified in the Letter of Notification.