Here’s A List Of Financial Aid Available During The Movement Control Order Period
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While the implementation of the Movement Control Order (MCO) is important to break the chain of infection and contain the COVID-19 outbreak, unfortunately, it has taken a toll on the livelihood of many Malaysians as well.
Those working in the retail, manufacturing, and services industries are especially hit hard by the current situation, since some of their jobs cannot be done from home and have to take unpaid leaves. As there is always a possibility of an extended MCO, it is understandable that many Malaysians are anxious about how they are going to make ends meet in the coming weeks.
With that in mind, the government and some Malaysian companies have come forward to offer financial assistance to ease the burdens of the rakyat. We’ve compiled a list of the available ones here and will be updating this:
Government
[UPDATED] Prime Minister Muhyiddin Yassin announced a new stimulus package to help Malaysians during the MCO. The list below has been updated with the latest government financial aids:
Cash Aid
- Aid: RM600 per month, for a maximum period of six months.
Eligibility: You are an Employment Insurance Scheme (EIS) contributor earning not more than RM4,000 a month, who is required to take unpaid leave from 1 March 2020 onwards.
Application date: From 20 March 2020 onwards
How to apply: Your employer will need to complete and submit the ERPC-19 Application Form to erpc19@perkeso.gov.my. - Aid: RM400 monthly allowance for February and March 2020, and RM600 from April 2020 onwards till the end of the pandemic.
Eligibility: You are a doctor or medical personnel directly involved with COVID-19 containment efforts. - Aid: RM200 monthly allowance from February 2020 till the end of the pandemic.
Eligibility: You are an immigration and/or frontline personnel during the COVID-19 pandemic. - Aid: RM500 or 600 one-off payment.
Eligibility: You are an e-hailing driver (to get RM500); or your occupation is one that relies on tourism (to get RM600), such as taxi drivers, tourist bus drivers, tour guides, trishaw drivers, etc. - Aid: RM1,000 or RM1,600 in cash for families.
Eligibility: Your monthly household income is RM8,000 and below. Those with a monthly household income of RM4,000 and below will get RM1,600 in cash aid (RM1,000 in April 2020 and RM600 in the next month); whereas those household income is between RM4,001-RM8,000 will get a cash aid of RM1,000. - Aid: RM500 or RM800 in cash for individuals.
Eligibility: You are a single Malaysian aged 21 and above, earning RM4,000 and below per month. Those who earn RM2,000 and below will get RM800; whereas those who earn between RM2,001-RM4,000 will get RM500. Both cash aids will be distributed in two batches. - Aid: RM200 one-off cash payment.
Eligibility: You are a tertiary education student, this include those in matriculation colleges, private and public colleges as well as universities. - Aid: RM500 one-off cash payment.
Eligibility: You are a civil servant of Grade 56 and below; or if you are a government pensioner.
Electricity Bills
Aid: 15-50% discount on electricity bills, on top of the previously announced 2% discount for commercial and domestic electricity bills from April till September 2020.
Eligibility: All Malaysians. 15% discount for those who use between 301-600kW; 25% discount for those who use between 201-300kW; and 50% for those who use 200kW and below.
Bantuan Sara Hidup (BSH)
Aid: RM200 cash allowance in March 2020, followed by RM100 cash allowance and RM50 e-wallet credit in May 2020. The remaining payout will also be released in July 2020.
Eligibility: All BSH recipients.
How to apply: No application required for existing BSH recipients. Malaysians who are eligible for BSH but have not applied yet can start applying here.
Employee Provident Fund (EPF)
- Aid: The compulsory employee monthly contribution will be lowered to 7% from the previous 11%, in effect from March till December 2020.
Eligibility: All EPF contributors. - Aid: You are allowed to withdraw up to RM500 every month from your EPF’s Account 2 starting 1 April 2020.
Eligibility: All EPF contributors below 55 years old.
How to apply: TBC
National Higher Education Fund Corporation (PTPTN)
Aid: PTPTN loan repayments to be suspended for six months (originally three months) up till 30 September 2020.
Eligibility: All PTPTN loan borrowers.
Program Perumahan Rakyat (PPR)
Aid: Exemption of rental payment for six months.
Eligibility: All Malaysians who are under the PPR scheme.
Internet Bills
Aid: Free internet from 1 April 2020 till the end of the MCO.
Eligibility: All Malaysians.
Skills Development Fund Corporation (PTPK)
Aid: Six-month deferment on PTPK loans, from April till September 2020.
Eligibility: All PTPK loan borrowers.
mySalam
Aid: RM50 cash per day for a maximum of 14 days.
Eligibility: You are a mySalam scheme protection plan holder who has been either hospitalised or quarantined for COVID-19.
Private Retirement Schemes (PRS)
Aid: You are allowed to withdraw up to RM1,500 from your PRS’ Account B between April till December 2020 without tax penalties.
Eligibility: All PRS contributors.
Companies
[UPDATED] Bank Negara has recently announced that all bank loans will automatically be entitled to a six-month moratorium.
This moratorium order by Bank Negara does not apply on credit card payments. However, certain banks are still giving payment holidays for their respective credit cardholders. Check the list below to see if your card issuer is doing so:
Affin Bank
Aid: Temporary relief from financial commitments.
Eligibility: All Affin Bank customers affected by the COVID-19 pandemic.
How to apply: Call the Affin Bank Contact Centre at 03-82302222.
Alliance Bank
Aid: Up to six months moratorium to defer loan instalments or financing servicing; loan restructuring; as well as the waiver of late charges on instalments.
Eligibility: All Alliance Bank customers.
How to apply: Complete and submit this online form.
Ambank
Aid: Loan or financing of up to RM1,000,000 with interest up to 3.75%, including a moratorium period of six months. No legal fees required.
Eligibility: Malaysian SMEs (at least 51% shares held by Malaysians) affected by the COVID-19 pandemic.
How to apply: Complete and submit this online form.
Bank Islam
Aid: Up to six months temporary moratorium on monthly instalment payments of financing.
Eligibility: All Bank Islam customers.
How to apply: Call the Bank Islam Contact Centre at 03-26900900.
Bank Muamalat
Aid: Up to six months moratorium on monthly instalment payments on certain financing obligations.
Eligibility: All Bank Muamalat customers and staff.
How to apply: Call Bank Muamalat’s Customer Service Centre at 1300-88-8787 or email moratorium@muamalat.com.my.
Bank Simpanan Negara
Aid: Up to six months moratorium on personal, ASB, home, hire purchase, and macro finance loan/financing, as well as credit card payments.
Eligibility: All Bank Simpanan Negara customers.
How to apply: Complete and submit the Moratorium Request Form along with the relevant documents to customersupport_crd@bsn.com.my or fax to 03-21634796.
CIMB
Aid: Up to six months moratorium on financing; or restructure and reschedule of monthly payments.
Eligibility: All CIMB customers.
How to apply: Complete and submit the Relief Assistance Programme – COVID-19 Request Form to cru@cimb.com.
Hong Leong Bank
Aid: Up to six months moratorium on monthly loans and/or financing payments. Restructuring and rescheduling of loans and/or financing may be considered as well.
Eligibility: All Hong Leong Bank customers.
How to apply: Call Hong Leong Bank at 03-76268899 or email them at HLonline@hlbb.hongleong.com.my.
HSBC Bank
Aid: Interest or profit-only payment and moratorium of up to six months on loan/financing, mortgages/home-financing, and retail business banking. HSBC credit cardholders can also apply for a six-month moratorium on their credit card payments. Restructuring and rescheduling of loan/financing may be considered as well.
Eligibility: All HSBC Bank customers.
How to apply: Call HSBC Bank at 1300-88-1121 for mortgage and financing matters; or 1300-22-2733 for credit card matters.
Maybank
Aid: Up to six months moratorium for Hire Purchase Loan/Financing, Personal Loan/Financing, Mortgage Loan/Financing, ASB Loan/Financing, and Education Loan/Financing. Restructuring and rescheduling of the above loan or financing are included as well.
Eligibility: All Maybank customers.
How to apply: Complete and submit the COVID-19 Moratorium Request Form to mgcc@maybank.com.my.
OCBC Bank
Aid: Six-month moratorium on principal repayment for housing loan/financing, bridging loans, and working capital lines.
Eligibility: All OCBC bank customers.
How to apply: Call OCBC Bank’s hotlines at 03-83175000 for personal banking matters; 03-83175200 or 1300-88-7000 for business banking matters; or 03-83149310 for Islamic banking matters.
Public Bank
Aid: Up to six months moratorium on monthly instalment payments for loans and financing. Restructuring and rescheduling of loans and financing may be considered as well.
Eligibility: All Public Bank customers.
How to apply: Call Public Bank at 1800-22-5555.
RHB
Aid: Up to six months moratorium on monthly instalment payments, or the restructuring and rescheduling of loans and financing.
Eligibility: All RHB customers.
How to apply: Call the RHB Call Centre at 03-92068118.
UOB
Aid: Up to six months moratorium, as well as restructuring and rescheduling, on personal loans, mortgages, and credit card payments. UOB credit cardholders may also apply for interest-only repayment.
Eligibility: All UOB customers.
How to apply: Call the UOB Contact Centre at 03-26128121 or email them at uobcustomerservice@uob.com.my.
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