Still Need Help With Loan Repayments? Here’s How To Apply For URUS

Recognizing that many Malaysians still struggle with income and cash flow issues, the government has given Malaysians in the B50 financial group a lifeline in the form of URUS, a financial management and resilience program.

In a joint statement issued by the Association of Banks Malaysia (ABM), the Association of Islamic Banking and Financial Institutions Malaysia (AIBIM), the Association of Development Finance Institutions Malaysia (ADFIM) and the Agency Credit Counseling and Debt Management (AKPK) on Monday, November 15, they announced that from now until January 31, 2022, URUS applications will be open to eligible applicants from the B50 group.

URUS program eligibility criteria include gross monthly household income of RM 5,880 or less and experience job loss or income reduction of at least 50%, as well as those whose loan / finance facility is efficient, that is, not in arrears exceeding 90 days at the date of the URUS request.

How to apply to URUS?

  1. Fill out the application form and proceed according to the bank where you have a loan / financing.
  2. Justify a drop in income of at least 50% or a loss of income (EPF certificate, salary slip, termination letter, etc.)
  3. Submit your request to the bank. If you are eligible for URUS, AKPK will contact you within 10 working days with your personalized financial plan.
  4. If you are not eligible for URUS, you will be notified by your bank within 5 business days to help you with other options to manage your loan repayments.

URUS application guide

Additional assistance will also be provided by partner banks through online banking, phone calls or in-person visits to one of the bank’s branches.

For customers who have several loan / financing facilities with different banks, it is sufficient to apply to one of the banks where they currently have effective facilities under an existing repayment assistance program. .

For more details on the URUS repayment assistance process, the impact on your credit report, and eligibility for a new loan / financing, see the FAQs here.

If you need more information, you can contact your bank for assistance, and the request forms will also be available on your bank’s website.

In the statement, ABM also said banks were aware that customers would need some time to get back on their feet financially as the economy gradually recovers.

Therefore, for customers who do not meet the URUS program eligibility criteria, they can contact their respective bank to discuss their options.

Read more: Here’s what you need to know about the loan moratorium [2021 Update]

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