Agrobank: No Additional Profit Charges during Six-Month Automatic Moratorium
KUALA LUMPUR – Agrobank today announced it will not impose any additional profit charges on fixed-rate financing for all eligible individual and small- and medium-sized enterprise (SME) customers during the six-month automatic moratorium period.
This followed the announcement by Bank Negara Malaysia (BNM), fixed-rate Islamic financing may come with additional profit charges after the six-month moratorium that is effective from April 1 to September 30 this year.
Commenting on the announcement, Covering President/ Chief Executive Officer, Khadijah Iskandar said “Agrobank is committed to relieving our customers’ distress during these trying times. Therefore, for our Fixed Rate financing customers especially the micro financing customers, there would be no change in the current amount of outstanding and profits borne by our customers.”
“The customers will pay the same monthly repayment amount from October 2020 onwards, but the financing tenure will be extended to another six-month to accommodate the six-month grace period during the automatic moratorium,” Khadijah added.
The bank hopes that the announcement will be able to provide them further relief from their financing obligations and help them weather the other challenges they may be facing.
“The COVID-19 pandemic is an unfortunate situation which has affected businesses including those in agriculture industry particularly small and micro businesses. This move will benefit many of our micro financing customers. Agrobank is committed to support our customers in strengthening their business during this trying time,” she further commented.
Agrobank also stressed that the payment deferment is still automatic for its customers and no additional steps required for the customers to entitle from the automatic moratorium facility.
However, for customers who do not wish to take up the moratorium can still choose to do so at this time by filling up a form on www.agrobank.com.my/no-mora and resuming their scheduled payments based on the terms of their existing agreements.
During this difficult time, Agrobank also cares and alerts about its customer situation. For affected clients by COVID19, Agrobank also provides coaching and counseling session for their business. Customers can contact mohdnazry@agrobank.com.my and hasanul.israq@agrobank.com.my to get these services.
