Home Debt obligation RHB and AKPK support B50 clients

RHB and AKPK support B50 clients


PETALING JAYA: RHB Banking Group, in collaboration with Agensi Kaunseling dan Pengurusan Kredit (AKPK), continues to support the most vulnerable segment of retail clients through the Financial Management and Resilience Program (Urus).

In a statement released yesterday, RHB said the Urus program is a comprehensive and extensive financial assistance initiative designed to alleviate customer financial hardship resulting from the Covid-19 pandemic.

The program is available to eligible B50 customers who meet certain criteria.

The program applies to people whose household income is less than RM5,880; have suffered a job loss or a 50% reduction in income; have loan and financing facilities that are currently under an existing repayment assistance program; and have loan and financing facilities with arrears not exceeding 90 days from the date of their application to the Urus program.

“When applying for the Urus program, eligible clients are required to provide a single document demonstrating their current income or employment status.

“This includes their latest employee contingency fund or bank statement, income tax form, payslip or payment vouchers, or termination letter,” RHB said.

Additionally, under Urus, RHB said clients will receive a Personalized Financial Plan (PFP) that takes into account their existing debt and how much clients can afford to set aside for debt repayment.

The PFP includes a waiver of interest and profits for a period of three months from the month following the client’s integration into the Urus program. The PFP also includes a three-month interest and profit waiver with reduced payment for a period of up to 24 months, during which B50 borrowers with unsecured personal financing and credit cards can also benefit from reduced interest rates or profits during this period.

Applications are open until January 31, 2022, with a straightforward application process that only requires basic documentation.

Source link