FAQs on Things That You Need to Know on COVID-19 Rescheduling for Hire Purchase (HP)/AITAB Hire Purchase-i (AITAB HP-i) (via Online Digital Platform)

No. Question Answer
1. What is HP/ AITAB HP-i Rescheduling? Changes in HP/AITAB HP-i repayment terms to assist customers who are facing financial difficulties by extending the loan tenure with a lower monthly instalment.
2. Who is eligible? All individual / business customers under moratorium subject to:
  1. Age of vehicle is less than 15 years
  2. Debt Service Ratio (DSR) must NOT be more than one (1)
    DSR =
    Monthly Loan Repayment
    Monthly Gross Income
3. What is the interest rate/ profit charged? The same prevailing interest rate / profit as stated in the existing HP/AITAB HP-i Agreement.
4. How long the tenure will be extended? The maximum extension of the loan/financing tenure is subject to the age of the vehicle (vehicle age must not exceed 15 years at the maturity date of the new tenure). Options are available for customers to select a shorter tenure.
5. How to apply? Submit the application through Public Bank COVID-19 Rescheduling dedicated website https://apply.pbebank.com/pbrnr.
6. When to submit the application? In anticipation of high volume of applications, customers are advisable to submit their application early.
7. How to know the application is successful? Customers will be notified through e-mail within 5 days (for individual application) and 10 days [Micro SME] / 14 days [SME] (for business application) from the date of submission.
Reminder : Please ensure the email address provided in the application form is correct
8. What happen after the application is approved? Contact the Account Holding Branch within 7 days from date of approval for execution of Supplemental Agreement and to complete other documentation.
9. Unable to submit the application? Contact Regional Helpdesk numbers as displayed in Public Bank website for assistance.
10. For business (Company), who is the authorized signatory to accept/ execute the Letter of Offer/ Supplemental Agreement? The authorized signatory must be the authorized party as per the Company’s Resolution.
11. Is the extended tenure after rescheduling covered by the existing HP Decreasing Term Assurance (HPDTA) / HP Reducing Term Takaful (HPRTT)? No. The existing HPDTA/HPRTT coverage is only up to the maturity date under the original HP/AITAB-i Agreement.
12. How to extend the HPDTA/HPRTT coverage for the extended tenure? Contact your account holding branch to take up a new HPDTA/HPRTT coverage on the new rescheduled terms.