LIST OF MALAYSIAN BANKS PROVIDING THE COVID-19 SPECIAL RELIEF FACILITY (SRF), Tech Strongbox

TRUST US, WE UNDERSTAND

To all business owners in Malaysia, especially those who are struggling now due to tight cash flow situation.

Covid-19 crisis is a wake up call for all business owners (including us). Ask around, how many businesses have enough cash flow to sustain for another 3-6 months? Majority of the business in Malaysia are SMEs and micro-businesses.

Whether you are a fast growing business or a multi-billion dollar business, this crisis will force businesses to transform regardless of industry. So please hold yourself together! Take lead and start taking action to keep your business alive.

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Overview about the Covid-19 Special Relief Facility (SRF)

BNM has on 27 February 2020 announced the allocation of a RM2.0 billion Special Relief Facility (SRF) to alleviate the financial burden and assist in the resumption of business operations of the SMEs affected by the recent COVID-19 outbreak outbreak, effective from 6th March 2020 to 31st December 2020.

For more information: BNM website

THE PURPOSE OF THIS ARTICLE

We have compiled a list of Malaysian banks providing the Covid-19 Special Relief Facilities (SRF) so that you don’t have to waste valuable time search for information online.

The information required and approval criteria(s) may be different depending on the bank. To apply, there are at least three (3) ways to submit your details to the bank(s):

  1. Submit through the bank website (the link is provided below)
  2. Download the form > Print form > Fill up form > Scan form > Email (or submit through the website)
  3. Call the bank

The bank require the following details so that they can contact you:

  • Your full name (as per NRIC)
  • Your email address
  • Your mobile number
  • Your company name (as per SSM)
  • Your company number (as per SSM)
  • Your business address
  • State (i.e. Selangor)

Disclaimer: 

  • We are not representing the banks and/or BNM.
  • We created this post with the intention to share our findings about the Special Relief Facilities (SRF) to help the Malaysian entrepreneurs. We hope these information is helpful because by helping the businesses, we may be able to save some jobs so that people can still provide food to their family! 
  • You are advise to do further and thorough research on the bank’s website. 

List of Malaysian Banks Providing COVID-19 SPECIAL RELIEF FACILITY (SRF)

Maybank Covid-19 Special Relief Facilities (SRF)

1.) Maybank

Established in 1960, Maybank is the largest financial services group in Malaysia with an established presence in the ASEAN region. Maybank provide a full suite of conventional and Shariah-compliant products and services in commercial banking, investment banking and insurance. Today Maybank is Malaysia’s largest bank by market capitalisation and total assets and one of the largest banks in Southeast Asia.

Link to: Maybank Covid-19 Special Relief Facility (SRF)

CIMB Bank Covid-19 Special Relief Facilities (SRF)

2.) CIMB GROUP HOLDINGS BERHAD

CIMB Group is a leading ASEAN universal bank and one of the region’s foremost corporate advisors. It is also a world leader in Islamic finance. The Group is headquartered in Kuala Lumpur, Malaysia, and offers consumer banking, commercial banking, investment banking, Islamic banking and asset management products and services. It is the fifth largest banking group by assets in ASEAN and, as at the end of December 2019, had around 35,000 staff and over 15 million customers.

Link to: CIMB Covid-19 Special Relief Facility (SRF)

Affin Bank Covid-19 Special Relief Facilities (SRF)

3.) AFFIN BANK GROUP

The AFFIN Bank Group is a financial services conglomerate. The AFFIN Bank Group’s activities focus on commercial, Islamic and investment banking services, money broking, asset management and underwriting of life and general insurance business.

Affin Bank Berhad (AFFINBANK) provides a suite of financial products and services that is catered to both retail and corporate customers. The target business segments are categorized under key business units such as Consumer Banking, SME & Commercial Business Banking, Corporate Banking and Treasury.

Link to: Affin Bank Covid-19 Special Relief Facility (SRF)

Alliance Bank Covid-19 Special Relief Facilities (SRF)

4.) ALLIANCE BANK MALAYSIA BERHAD

Alliance Bank Malaysia Berhad is a dynamic, integrated banking group offering end-to-end financing solutions through its consumer banking, SME banking, wholesale banking, Islamic banking, investment banking and stock broking businesses, having served the financial community over the past five decades.

The banking group is involved in the provision of financial services through its principal subsidiaries, Alliance Bank Malaysia Berhad, Alliance Investment Bank Berhad, and Alliance Islamic Bank Berhad. It provides easy access to its broad base of customers throughout the country via multi-pronged delivery channels which include retail branches, Alliance Personal branches, Privilege Banking Centres, Islamic Banking Centres, Business Centres, Investment Bank branches, and direct marketing offices located nationwide.

Link to: Alliance Bank Covid-19 Special Relief Facility (SRF)

AMBANK Group Covid-19 Special Relief Facilities (SRF)

5.) AMBANK GROUP

AmBank Group is a leading Malaysian financial services group with over 43 years of rich expertise in supporting Malaysians in their economic development. It has approximately three million customers and more than 10,000 employees.

The Group was listed on the Main Market of Bursa Malaysia in 1988. It is the sixth largest banking group by assets in Malaysia, with a market capitalisation of around RM11.6 billion and assets of RM137.9 billion as at 31 March 2018.

Update as at 03.06.2020: The page to apply the SRF is no longer available.

Public Bank Covid-19 Special Relief Facilities (SRF)

6.) PUBLIC BANK GROUP

Conceptualized as “a bank for the public” by its Founder, Chairman Emeritus, Director and Adviser, Tan Sri Dato’ Sri Dr. Teh Hong Piow, Public Bank opened its door to offer banking services in 1966 and since grown into a premier banking group in Malaysia. As one of the largest banking players in South East Asia, the Public Bank Group serves about ten million customers across the region with a staff strength of over 18,500 employees.

Link to: PUBLIC BANK Covid-19 Special Relief Facility (SRF)

Hong Leong Covid-19 Special Relief Facilities (SRF)

7.) HONG LEONG BANK BERHAD

Hong Leong Bank Berhad is a regional financial services company based in Malaysia, with presence in Singapore, Hong Kong, Vietnam, Cambodia and China. The Bank is technology-focused and emphasises the development of financial capabilities to serve its clients across the five geographies. Hong Leong Bank Berhad (“HLB” or “the Bank”) is listed on Bursa Malaysia and forms part of the Hong Leong Group. Headquartered in Kuala Lumpur, the Bank has a strong Malaysian entrepreneurship heritage.

Link to: HONG LEONG BANK Covid-19 Special Relief Facility (SRF)

UOB Bank Covid-19 Special Relief Facilities (SRF)

8.) UOB MALAYSIA

United Overseas Bank (Malaysia) Bhd (UOB Malaysia) was incorporated in 1993 but has had a presence in Malaysia since 1951. UOB Malaysia is rated among the top banks in Malaysia with a long-term ‘AAA’ rating from Ratings Agency Malaysia. Today, UOB Malaysia has 45 branches across the country and has the largest branch network of any foreign bank operating in Malaysia.

Link to: UOB BANK Covid-19 Special Relief Facility (SRF)

RHB Bank Covid-19 Special Relief Facilities (SRF)

9.) RHB BANK BERHAD

The RHB Banking Group, with RHB Bank Berhad as the holding company, is the fourth largest fully  integrated financial services group in Malaysia. The Group’s core businesses are structured into seven main business pillars, namely Group Retail Banking, Group Business & Transaction Banking, Group Wholesale Banking, RHB Singapore, Group Shariah Business, Group International Business and Group Insurance.

Link to: RHB BANK Covid-19 Special Relief Facility (SRF)

BSN Covid-19 Special Relief Facility (SRF)

10.) Bank Simpanan Nasional 

When BSN was officially established on 1st December 1974, the Bank Simpanan Nasional Act, 1974, enabled the transfer of the management power from the Postal Services Department to the bank’s Board of Directors. With that, BSN was officially launched on 5th December by YAB Tun Haji Abdul Razak Bin Hussein, the Second Prime Minister of Malaysia.

Update as at 22.05.2020: The page to apply for SRF and BSN Micro/i Kredit Prihatin facility is no longer available. Please call BSN Contact Centre at 1300-88-1900 or visit BSN website for alternate loan facility.

Example of the criterias to apply:

Scheme name:

  • BNM Special Relief Fund – COVID-19 (effective 6 March 2020)

Eligibility: 

  • Malaysian SMEs adversely affected by COVID-19
  • Business registered with the Companies Commission of Malaysia (SSM), authorities/district offices in Sabah and Sarawak or statutory bodies for professional service providers;
  • Malaysian residing in Malaysia with minimum 51% shareholding in the SMEs;
  • Maximum shareholders fund not exceeding RM5 Million; and
  • Business shareholding by Public Listed Companies and Government Linked Companies (if any) in the SMEs shall not exceed 20%.

Note: “SMEs” per BNM and SME Corp Malaysia definition

Purpose of Financing:

  • Working capital

Note: Financing shall not be used to refinance existing credit /financing facilities.

Financing Rate:

  • Up to 3.75% p.a. (inclusive of guarantee fee of 0.5% p.a.)

Financing Limit:

  • Max of RM1 million per SME, inclusive of financing to related companies that have common shareholder(s)*

Guarantee Coverage:

  • Up to 80% guarantee coverage by CGC / SJPP

Facility Type:

  • Term Loan

Maximum Tenure:

  • Up to 5.5 years from the date of the first drawdown (including a moratorium period of 6 months on both principal and interest/profit payments).

Collateral:

  • No collateral shall be required from SMEs under this Facility.

Availability Period:

  • 6 Mar 2020 to 31 Dec 2020

Document Required:

  • Min 6 months bank statements
  • Business registration docs
  • Copy of IC of directors / partners / shareholders

*Note:

  • The final approved financing limit for all applications is subject to BNM approvals.
  • Every bank have their own criteria, you are advised to verify the information from the bank website directly.

THANK YOU for reading this article.

How much you can borrow in the end depends on the bank and/or BNM’s approval. You may or may not get get the sum you expected, but understand it is better than nothing. Plan and allocate the resources well as not all every application is approved in the end.

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